Sunday Guardian alleges financial misdemeanour by NDTV

The Sunday Guardian website has done a story on NDTV, accusing it of financial malpractises.

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.
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To put this malfeasance in context, last month CBI arrested eight senior managers of LIC and other banks for a loan scam amounting to Rs 2000 crores in multiple transactions. NDTV has been a frequent borrower abroad, and also selling stakes in subsidiaries abroad and repurchasing these shares through various interested parties at prices that have no relationship to actual market values. For instance, NDTV Imagine [now sold] shares representing a face value of Rs 10, were sold at Rs 776. The benefit of such high premium obtained by these shares has not reached the Indian investors in the company. NDTV shares, on the other hand, are slipping even further, and losses rising. Its business overseas is through subsidiaries, which conduct financial dealings through accommodation addresses; one is 90 High Holborn, London.

NDTV’s response is here:
NDTV CEO gives reply, Guardian responds

There is another story too:

NDTV juggles funds, shares abroad, avoids tax

This thing sure calls for a thorough investigation of this shady channel and fund flows into it from abroad.

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