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 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 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. 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 and the ED has registered a case under Prevention of Money Laundering Act (PMLA) which envisages a jail term of three to seven years. 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. 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 Spice Jet owner Ajay Singh who tried to take over has withdrawn from the scene perhaps after seeing the cooked balance sheets and debt ridden status of the sinking TV channel.
NDTV’s letter to the Stock Exchanges is published below:
 Big blow to NDTV: ITD seizes shell company of Roys – Oct 27, 2017, PGurus.com
 IT fines Prannoy Roy and wife Rs. 30 crores each for hushing up income in 2010 – Nov 20, 2017, PGurus.com
 At last CBI catches up with Prannoy Roy and Radhika Roy for ICICI Bank fraud – Jun 5, 2017, PGurus.com
 ED’s Rs. 2030 crore notice to NDTV for FEMA breach – Nov 22, 2015, Times of India
 ED informs Delhi HC on registering cases against NDTV & RRPR for money laundering – Nov 3, 2017, PGurus.com
 Violating directions of Income Tax, NDTV sells 4 outfits to Coal scam accused KJS group – Jun 24, 2017, PGurus.com
 Mukesh Ambani friendly firms acquire majority control in NDTV, after Spice Jet Ajay Singh’s exit – Oct 24, 2017, PGurus.com