The Sunday Gaurdian exposes NDTV’s Financial frauds

published on December 10, 2010

NDTV juggles funds, shares abroad, avoids tax

NDTV, through its foreign subsidiaries, is suspected to be indulging in gross violations of Indian tax and corporate laws. NDTV Network Plc, UK was set up in November 2006. Its balance sheets were not filed in India. This company has raised and invested huge sums of money in its subsidiaries, NDTV Imagine (now sold), NDTV Lifestyle, NDTV Labs, NDTV Convergence and NGEN Media Services. The main activity of the company seems to be that of buying shares, as detailed later. Even now, most of the deals being struck by NDTV are being transacted through this UK subsidiary, with no money seemingly coming to India by way of tax.
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NDTV CEO gives reply, Guardian responds

The Sunday Guardian sent nine questions to NDTV in the interest of fair
journalism, ranging from the “buyback” deal, tax avoidance, full and
transparent declaration of financial accounts in India, and overseas
operations. These are the questions:

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NDTV-ICICI loan chicanery saved Roys

NDTV Limited and associate companies in which Prannoy Roy and Radhika
Roy have a majority stake have indulged in financial misdemeanours and
malpractices in connivance with ICICI Bank, and raised funds by
misdeclaration of the value of shares in NDTV. These shares were held
by a company called RRPR Holding Private Limited. The deal took place
between July and October 2008 during a “buyback” of shares from the
stock market announced by NDTV Limited at the price of Rs 439 per share.

Full Report at

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