Print and Internet go to Samir who will pay Rs.10,000 crore to Vineet
PGurus has learnt that Times of India Group’s promoter brothers Samir Jain and Vineet Jain agreed to a family division deal with elder brother Samir taking the Print and Internet divisions and Vineet getting the TV and other ventures of the Group. Sameer, who took full control of the Print divisions of Times of India and Economic Times and other newspapers and Times of India’s Internet will get the major chunk of the Times of India Group and decided to give Rs.10,000 crore in a year’s time to younger brother Vineet Jain, who got only Times Now and other TV ventures and other business, which are having very less revenue compared to the Print division.
According to legal luminaries who were engaged in the Jain brothers division of Times of India Group, Samir has agreed to pay Rs.10,000 crore within one to two years to Vineet Jain, who had to satisfy with less revenue earning TV business and other business of the Group. Jain brothers decided to partition their assets after their mother Indu Jain’s death.
Meanwhile, the Times of India Group is facing a series of legal cases filed by minority shareholders, accusing the Jain brothers of violating many laws of Stock Exchanges and capturing the affairs of India’s biggest media group. BJP leader Subramanian Swamy also filed a series of petitions against the Jain brothers for tax evasion of more than Rs.28,000 crores with several agencies pointing out the illegalities[1]. Many agencies had already summoned senior officers of the Times of India Group on the probes related to tax evasion complaints.
Samir Jain’s daughter Trishla Jain’s husband Satyan Gajwani is handling the Internet and web divisions of Times of India Group. Satyan and Trishla are mostly living in the United States and it is learned that Samir Jain is also mostly seen in the United States. It is not sure that Satyan and Trishla hold their Indian citizenship, which is mandatory for being part of the Print and TV business in India. As per Rules, Indian Citizenship and Indian Resident Status is mandatory for those holding crucial positions in the Print and TV business in India. Vineet Jain who is a divorcee have no legal heirs.
Reference:
[1] Subramanian Swamy urges probe by Income Tax, ED, CBI, SEBI and SFIO into the huge tax violations, money laundering in Times of India Group – Dec 25, 2019, PGurus.com
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