Media baron Raghav Bahl in a press release on Thursday said that he has no links with the UK based company Artevea Digital Limited, caught in the radar of Income Tax and the Enforcement Directorate (ED) for money trail with former Finance Minister P Chidambaram’s son Karti linked companies. Bahl was responding to our report on the money trail of companies related to him and Peter Mukherjea with Kart linked companies unearthed by agencies.
However Raghav Bahl’s explanation is not a convincing one. The 200 page Income Tax report clearly says that the Artevea Digital UK Limited is a Network 18 connected company. And various documents filed by Network 18 to SEBI clearly state that Artevea Digital’s owner is the chairman of Network 18, while Bahl was the Managing Director of Network 18. Bahl’s press release is published below.
His one paragraph press release says that he is not at all aware of the Income Tax findings. The agency’s findings are not a public document and it clearly says that Karti’s Advantage was allotted 60 lakh shares in London based Artevea Digital in August 18, 2008. In the report investigators also say that this deal needs further probe as during this period, Network 18’s FIPB clearance files were pending in the Finance Ministry. Those days the Finance Minister was Karti’s father P Chidambaram.
The agencies also seized emails and several financial data related corresponding between Karti and Mahanka. In several areas, the 200 page Income Tax report says that this deal is a fishy one and connected with bribe for FIPB clearances during Chidambaram’s tenure. Bahl can ask his business partner Mahanka as to why they dealt with Karti, when Network 18 was processing its FIPB clearance. As a sensible citizen, Raghav Bahl should help the Income Tax and ED in unearthing these doubtful deals.
Copy of Raghav Bahl Press Release
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