Why NDTV must go off air and its license be suspended by Govt. of India
In a post on the NDTV website on December 26, 2016, (http://www.ndtv.com/communication/gurumurthy-and-his-fake-news-gang-of-four-1642003), Prannoy Roy accused me and Dr Swamy along with S. Gurumurthy of lying and called us “post truth gurus”. Now a few questions and facts to prove it is Prannoy Roy and his henchman – Narayan Rao (along with his compromised Board members) are the ones perpetuating lies, cheating shareholder, evading tax and of course along with complicit bank officials, committed bank fraud.
In a published email along with its story by moneylife.in on NDTV’s shenanigans, (http://www.moneylife.in/article/allegations-of-ndtvrsquos-many-shenanigans/33296.html) on 21st June, 2013, Narayan Rao wrote a long explanations on allegations made by a minority shareholder (Quantum Securities P Ltd) and of course thereafter sued him for defamation. The email (reproduced below) primarily dealt with the following issues and we now expose the lies and fraud committed by Prannoy Roy along with his team at NDTV:
|Sr.||Statement made by Roys/Narayan Rao on June 21, 2013||Documents/Govt Departments action during the last 4 years|
|1.||“In the month of December, 2007, the Promoters acquired 48,35,850 (7.73%) shares of NDTV from GA Global Investments Limited, who had decided to sell the said shares, as a result of which their shareholding crossed the 55% threshold. As per the then prevailing Takeover Code provisions, an Open Offer was mandated as the Promoter shareholding had crossed 55%.”||This lies is completely exposed in the filings with Stock Exchanges where Prannoy Roy and Radhika Roy state they made “an open market purchase”. In a petition filed by QSL with the Delhi HC, the documents clearly show that this was a pre-meditated insider trade between the FII and Roys. Their own statement also exposes the lies wherein stating “who had decided” to sell i.e. Promoters were in touch with / negotiated the deal with the fund managers.|
|2.||“While the loan from ICICI Bank was unsecured, the Promoters were required to sign a Non Disposal Undertaking regarding their shares held in NDTV.” And further states – “As regards the alleged illegal transactions that the promoters of NDTV have entered into, please note that the promoters of NDTV have, on the basis of legal advise, represented to the Company that there is no security on the loan as has been alleged in the Complaint and that the transactions have been in accordance with law.” In addition the email states that: “I have been informed that the promoters have already paid off the loan to ICICI in April 2009”||In fact, this is a fit case for perjury, in a filing by Luthra & Luthra (affidavit by lawyers) on behalf of Roys they have categorically stated (attached below) on 10.2.2012 (document below) that – . “The promoters collateral was Rs. 470 crores (3,96,14,759 shares@ Rs. 118.67 per share) while the loan was under Rs. 350 crores.” Besides, the statement that ICICI Bank loan is repaid is again false as even on March 31st 2016, balance sheet of RRPR Holding P Ltd. shows loan outstanding to ICICI Bank.
This is where the biggest fraud and scam takes places, as per Banking Regulation Act, no lender (ICICI Bank in this case) can take a collateral beyond 30% and nor can a bank advance a loan to a Promoter of a company to retain control / own a listed company. Thus, ICICI Bank and Roys both blatantly violated Banking laws and SEBI Regulations. This is a fit case for CBI / SIT and SEBI probe. Roys have given collateral of their ENTIRE NDTV shares but Narayan Rao lied by saying that ICICI Bank loan was unsecured. Dr. Roy, what is the truth??
|3.||“Furthermore, RRPR has also informed us that it had received a complaint from SEBI on similar allegations earlier. RRPR had responded to the same. After considering RRPR’s response, SEBI closed the said proceeding, as it could not find any violation of law by RRPR, as alleged or at all” Further, Narayan Rao on behalf of Roys states – “NDTV has not received any notice or document which indicates that the shareholding in the Company is in any way not under the control of RRPR Holding Pvt. Ltd., or Dr.Prannoy Roy and Mrs. Radhika Roy. In fact, they continue to act as promoters of NDTV and exercise all rights in respect of their shares without any limitation or restriction. “||This is where Govt of India, Ministry of Information and broadcasting needs to suspend NDTV license and ensure it goes off air.
Both SEBI and Income Tax Department in their filings before the Delhi HC in Writ Petition No. 984 of 2015 and again in Writ Petition 11148 of 2016 have categorically determined and filed and affidavit stating that NDTV control was passed on by Roys in a covert manner to Vishwapradhan Commercial P. Ltd. in July 2009. This change of control transaction was in the knowledge of Income Tax Department since 2011 and negotiated and closed with the assistance of NDTV officials way back in 2009.
Just so that readers and ordinary citizens know, no change of control or any form of shareholding can change hands in a news broadcasting company without the specific consent of Govt of India (that included security clearance by Home Ministry). Thus, Roys by this clandestine arrangement in 2009 have now ensured that sooner or later NDTV license will be suspended and it must go “off air”.
Dr. Prannoy Roy, do let PGurus.com know whether it is Gurumurthy, Swamy or Sree Iyer that are lying or its time now the long arm of the law is catching up with all your “Post Truths” allegations and many shenanigans??
Wish you lots of luck as now the era of corruption, political patronage and stooges of Congress is slowly coming to an end.It’s time that SEBI, CBI, EOW and Enforcement Directorate move in to punish NDTV Frauds!
Narayan Rao’s email to MoneyLife
Copy of affidavit filed on behalf of the Roys
RRPR Balance Sheet From ROC Records
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