NDTV to terminate 25% staffers. Closing down slowly?

Is a 25% reduction of workforce at NDTV a harbinger of hard times ahead?

Is a 25% reduction of workforce at NDTV a harbinger of hard times ahead?
25% reduction of workforce at NDTV - Hard times ahead?

Is New Delhi Television (NDTV) sinking in the cesspool of corruption its owners created? The tainted TV channel on Tuesday informed the Stock Exchanges that they are considering a reduction in the workforce by up to 25 percent as part of an internal restructuring exercise to focus on its core business.

Fully 30 percent of NDTV shares owned by Radhika Roy and Prannoy Roy’s shell company RRPR Holdings are already attached by the Income Tax[1] in for back taxes of about Rs.450 crores. These 30 percent shares constitute only around Rs.100 crores and Income Tax is expected to take tough action soon. The Income Tax Department has already slapped a fine of Rs.30 crores each on Prannoy Roy and wife Radhika Roy[2] for hushing their income in 2010.

Prannoy Roy and wife are already facing a probe by the Central Bureau of Investigation (CBI) for cheating ICICI Bank[3]. NDTV is also facing a probe by the Enforcement Directorate (ED) under the Foreign Exchange Maintenance Act (FEMA) for a violation of Rs.2030 crores[4] and the ED has registered a case under Prevention of Money Laundering Act (PMLA) which envisages a jail term of three to seven years[5]. Moreover, a probe at the Securities Exchange Board of India (SEBI) is pending for manipulating the shares of NDTV by the husband and wife promoters, who never fail to preach ethics and morality on TV. Recently Prannoy Roy sold 4 outfits in violation of Income Tax Dept. directive, to a Coal Scam convicted company’s promoters[6]. Why would Roy sell to a bunch of convicted promoters? Was it some book adjustment?

“Given our reprioritisation, our workforce has to be altered too – over next month, we are considering reduction of workforce by up to 25 percent. We thank these departing employees for their hard work and contribution,” NDTV said in a regulatory filing to Stock Exchanges.

The sugar-coated language used in the notice to the Stock Exchanges is a harbinger of bad news for NDTV. Spice Jet owner Ajay Singh who tried to take over has withdrawn from the scene perhaps after seeing the cooked balance sheets and debt ridden status[7] of the sinking TV channel.

NDTV’s letter to the Stock Exchanges is published below:

NDTV Press Release on Dec 19, 2017 laying off 25% of its workforce
Fig 1. NDTV Press Release on Dec 19, 2017 laying off 25% of its workforce

References:
[1] Big blow to NDTV: ITD seizes shell company of RoysOct 27, 2017, PGurus.com
[2] IT fines Prannoy Roy and wife Rs. 30 crores each for hushing up income in 2010Nov 20, 2017, PGurus.com
[3] At last CBI catches up with Prannoy Roy and Radhika Roy for ICICI Bank fraudJun 5, 2017, PGurus.com
[4] ED’s Rs. 2030 crore notice to NDTV for FEMA breachNov 22, 2015, Times of India
[5] ED informs Delhi HC on registering cases against NDTV & RRPR for money launderingNov 3, 2017, PGurus.com
[6] Violating directions of Income Tax, NDTV sells 4 outfits to Coal scam accused KJS groupJun 24, 2017, PGurus.com
[7] Mukesh Ambani friendly firms acquire majority control in NDTV, after Spice Jet Ajay Singh’s exitOct 24, 2017, PGurus.com

Team PGurus

6 COMMENTS

  1. In democracy media play important role in shaping the people mind and the national politics. In India we do not acknowledge this, and sooner we acknowledge this it will be better for the nation. It is very easy for the vested interests to tamper with narrative of the events by denial, rebuttal, non-coverage, hyper coverage are some of ways it can damage the nation. It is very well know fact that this TV news channel is guilty of one sided coverage and at some point of time people will turn away from their content. They have earned lot of money from the external vested interests and from advertisement generated from their viewership. Their are CNN of India the fake news factories. Only way to get around is improve ones critical thinking, and do one won research when ever possible not put your entire faith on anything that is being said and showed. As PM Modi reiterated use internet to find facts and then decide. I think this is happening more and more and TV channels like this NDTV is getting exposed and going out of business.

  2. NDTV news – Once upon a time every body favorite prime news channel
    NDTV Channel lost the trust.
    NDTV news hiding the facts
    NDTV news is broadcasting the fabricated news
    NDTV news journalists not having Moral values and ethical values
    NDTV news forgotten that they are humans and beliveing as super humanbeaings
    NDTV news not trusted able channel
    NDTV news entry is big unfortunate at Indian media
    NDTV news misleads the history and not in position to protect the fact
    NDTV news totally false

  3. All double faced or double mind with single face or single face with multiple hidden roles… all such individuals need to be exposed.
    Every journalist is to be asked if their die-hard loyalty to the Khangress will it give them any brownie points when they go UP in front of Peter or be on “right side” on the day of “qayamat day” ??

  4. Congress party should come forward and take over the responsibility of this channel as Congress is indebted to this channel and it’s journalists

LEAVE A REPLY

Please enter your comment!
Please enter your name here