Violating directions of Income Tax, NDTV sells 4 outfits to the Coal Scam accused KJS Group

NDTV ignores IT directions, sells 4 web based companies

NDTV ignores IT directive, goes ahead with the sale
NDTV ignores IT directive, goes ahead with the sale

Violating the directions of the Income Tax Department, New Delhi Television Ltd. (NDTV) has sold out almost all of its subsidiary companies to one Nameh Hotels, a subsidiary of the Coal Scam accused KJS Group.  In a declaration submitted to Stock Exchanges on June 23, NDTV said they have sold out companies like NDTV Lifestyle, NDTV Convergence, NDTV Worldwide, NDTV Ethnic Retail Limited to the Nameh Hotels and Resorts Private Limited. It is learnt that all these companies who are just owning websites were sold at a pittance of just Rs. Two Crores!

This deal begs the question to Mr. Roy – You preach morals and ethics day in and day out. Surely you could have found a better business partner? Or is there more going on than meets the eye in this shoddy deal? Your long-suffering investors (and perhaps some of the eminenterati) want to know.

This sale was approved through a Postal Ballot by NDTV and in clear violation of the recent Income Tax Order which banned NDTV from the sale of any assets. The Income Tax Department has informed Bankers, Stock Exchanges, SEBI and the Nameh Hotels from buying the sales of assets of NDTV, citing that the TV channel group owes more than Rs.540 crores to as tax dues. Income Tax also warned that the “illegal sale” would amount to Contempt of Court. It is expected that the tax sleuths will approach Delhi High Court in this regard.

All these sold out entities of NDTV were running up huge losses. Though they were sold on record for Rs. Two crores, NDTV management could use this distress sale as an opportunity to retrench many staffers from the organization, say tax experts.

Questions are being raised about the buyer of NDTV’s redundant outfits. Nameh Hotels is owned by KJS Group, which is involved in Coal, Real Estate and Infrastructure. The Central Bureau of Investigation (CBI) had raided KJS Group in 2012 in connection with the Coal Scam. KJS Group Chairman Kamaljeet Singh Ahluwalia is an accused in of the Coal Scam cases and Managing Director Pawan Kumar Ahluwalia is convicted in Coal Scam on May 19, along with former Coal Secretary HC Gupta.  Moreover, KJS Group promoters were involved in the controversy of the night visits to the tainted CBI Director Ranjit Sinha’s home.

This deal begs the question to Mr. Roy – You preach morals and ethics day in and day out. Surely you could have found a better business partner? Or is there more going on than meets the eye in this shoddy deal? Your long-suffering investors (and perhaps some of the eminenterati) want to know.

NDTV’s declaration of sale to Stock Exchange is published below:

Postal Ballot Result by PGurus on Scribd

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4 COMMENTS

  1. If the sale is in contempt of court despite warnings, it just increases the length of the jail sentence of the Roys.

  2. There must be someone guiding him and leaking out information from the finance ministry to vested interests in all looting and fraud cases. This must be plugged. The question is who will bell the cat ?

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