advertisement
In a detailed statement on Tuesday, NDTV strongly countered what it termed “a series of unsubstantiated allegations” it says was leaked by the government against the news channel and its promoters.
According to NDTV, some allegations have been made against it on “an unsigned document”, anonymously, in what it says is an attempt at “subterfuge”.
“NDTV will fight this subterfuge transparently and openly in court,” the statement added.
Earlier, the Central Bureau of Investigation had raided residences of NDTV cofounders Prannoy Roy and Radhika Roy in New Delhi and Dehradun for alleged irregularities and fraud in a loan sanctioned by ICICI Bank. “The ruling party cannot tolerate our independence,” NDTV had retorted in an earlier statement. In the latest statement, NDTV reiterated that India was witnessing “an unsubstantiated, politically motivated and vindictive campaign by the government authorities”.
Here are six points on the basis of which NDTV argued the allegations were false and baseless.
The channel reiterated that there is no undisclosed income. It said that in 2008, American network NBC (an erstwhile subsidiary of General Electric or GE) invested $150 million in the channel and five years later, the income tax authorities, sans evidence, said that investment was:
NDTV has maintained that the I-T department’s allegations are “wild and baseless”.
NDTV has said that the IRS and the SEC in the US have all the details of the transaction and can confirm the funds came from NBC.
Lastly, it said Narendra Modi regularly meets with GE CEO Jeffery Immelt, which then makes it seem that the Prime Minister regularly meets a "round-tripper" who acts as a "front" in sham transactions.
The media company maintained that NDTV Networks was a holding company, and not a shell company. The RBI also recognises holding companies as legitimate, legal entities.
NDTV Networks also had a CEO, CFO and a Compliance Officer appointed by NBCU as well as employees, with income getting generated from the assets it owned.
Leading global financial and legal firms, in compliance with relevant laws and regulations ,helped in setting up the companies.
The channel clarified that the entities from which funds were raised have been identified and the relevant documents were submitted several years ago to governmental authorities.
With the SC ruling, it’s legal to structure investments through the Cayman Islands, Hong Kong, Mauritius, Netherlands, etc.
NDTV clarifies that it raised funds transparently through Jefferies LLC, which is headquartered in New York, and submitted all the documentation to the government.
As for the Cayman Islands, the company said it has no office, account or any presence there.
With reference to the laundering allegation, NDTV maintained that the accused isn’t the Indian company, but in fact GE.
NDTV maintained it has not been a part of any transaction which has not been legitimate or legal.
Read NDTV’s full statement here.
(This admission season, The Quint got experts from CollegeDekho.com on board to answer all your college-related queries. Send us your questions at eduqueries@thequint.com.)
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)