Income Tax Appellate Tribunal’s (ITAT) Order indicting NDTV for tax evasion and money laundering of around Rs.903 crores is now out in the public domain. The 385-page Order pronounced on July 14 details how the moral preaching NDTV promoter Prannoy Roy was engaged in Money Laundering of more than Rs.1000 crores from 2008 to 2010 while declaring a fake loss of Rs.65 crores. The Order also exposes the role of Managing Editor and another moral preacher Vikram Chandra, who was part and parcel of most of the frauds of Prannoy Roy and wife Radhika Roy.
NDTV had even investments of more than 12 crores in Emmar-MGF Land Limited during 2008-2009. Page 375 of the Order explains the detailed investments made by NDTV.
The full Order pronounced by ITAT’s Members I C Sudhir and Prashant Maharishi is published below this article. It describes in great detail the blatant frauds committed by NDTV under the garb of journalism. Apart from the tax evasion of around Rs. 643 crores by illegally routing money through tax havens like Bermuda via Netherlands, NDTV also laundered money of around Rs. 255 crores as “unexplained unsecured loans”.
As per the ITAT Order, NDTV has committed tax evasion and money laundering of Rs. 902,38,87,629.
The Order clearly says that Vikram Chandra was shown as the head of most of the paper companies floated by NDTV in many countries. Pages 188 and 276 explain the way Vikram Chandra acted in connivance with Prannoy Roy in floating shell companies across the world to evade taxes and launder illicit money. Vikram Chandra owes an answer to these frauds. Will he explain why being an ordinarily resident Indian citizen, he did all these fake activities in floating shell companies?
Many interesting facts have emerged in this 385-page Order. NDTV had even investments of more than 12 crores in Emmar-MGF Land Limited during 2008-2009. Page 375 of the Order explains the detailed investments made by NDTV. Those days Emmar-MGF was involved in Commonwealth Games (CWG) scam related construction controversies. The ethical question that needs to be asked is why is a media company investing in a construction company?
Does Prannoy Roy have anything to say about it? He has taken lying to a whole new level by claiming that he “never touched black money in his entire life.” If awards have to be given for jokes that are essentially lies, this one would take the gold medal.
It is certain that NDTV cannot escape from this huge tax burden. The TV channel has now only one option – of appealing to the High Court and then the Supreme Court. In Delhi High Court the case is already under consideration and the next hearing is posted on July 27. In a nutshell, NDTV is going for a huge tax burden and it is wait-and-watch time as to how they are going to pay this to the exchequer. The rumor mills in the Capital are even saying that in the end, Prannoy Roy may do a Vijay Mallya after all.
The 385 page Order of ITAT is published below. It is a must read document!
ITAT NDTV Order Dated 14.07.2017 by PGurus on Scribd
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Time for Team PGurus to debate and provide detailed recommendations for judicial reforms for faster dispensation of these cases which involves substantial corruption. Publish and pin the articles, ask each politician esp., BJP MPs whether they will do something about this or NOT? Otherwise a day will come when entire India will have to suffer the consequences of delayed judgments
One thing, i donot understand is that the violator of 1000 of crores are never arrested. Why is that judicial system arrest them and send them to jail
For any action, 100% irrefutable proof is required. Even when such proof is presented, see how much of an uproar it creates! 70 years of crony dispensation has put down deep roots and you cannot claw it back in days or weeks. Truth will triumph, but judicial reforms to speed up justice are a crying need of the hour. Some elements within the Govt. are preventing this from happening. Why is that, one wonders!
NDTV says (see their web site ) ITD lies about NDTV? Your reply pls ??
The ITAT order means nothing as it can be reversed /overridden by any govt ( just as this NDA Govt has waived approx USD 6.5 billion of tribunal approved tax of foreigners in 2015 by appointing a one judge committee AP Shah committee). And cases can be diluted considerably by ED ( as what happenned in the case of Marans who have been let off by SC in Feb 2017). So there is still a long long way to go and many possible outcomes .
The fact that NDTV can refute all allegations and take matter to HC /SC does mean that the cases are not watertight and there are many loopholes in law that any above average lawyer can use to the benefit of NDTV.
If NDTV needs to be booked and prosecuted , one should do so in readily identifiable individual clear and unambiguous breaches of law ( and in case such breaches did indeed happen like selling shares of public ltd company NDTV in a private deal at Rs 4/- when the market price was Rs 138/-).
Please update with NDTV’s latest reply, which prima facie constitutes contempt of court : http://m.ndtv.com/communication/income-tax-department-lies-about-ndtv-silencing-the-press-1728015?amp=1&akamai-rum=off
The desperation of the Lutyen elites and opposition gangs is no doubt the reason for the frantic efforts to cobble up the mahaghatbhandhan and snatch power at the centre to save these pseudo journalists and corrupt parties from doom.
Very Well Documented…..We need more catch many and more Big Fishes….We cheat India.
Please PGurus make sure that they are not connected to the Congress High Bosses.
Pgurus congrats for relentless efforts , as mentioned hope the govt now itself keep a watch prevent them from leaving the country