June 11, 2017

NDTV : How Prannoy Roy violated SEBI norms

ICICI Bank allotted a loan of around Rs.350 crores to a shell company called RRPR Holdings. What is RRPR Holdings? Radhika Roy Prannoy Roy Holdings. This company is just a paper company with no assets.

RBI and SEBI norms forbid promoters from taking loans to acquire shares of Stock Exchange listed companies. Prannoy Roy and Radhika used this ICICI Bank loan to increase their shareholding in NDTV and manipulated the Stock Exchange norms. This sheer flouting of RBI norms attracts Prevention of Corruption Act too.

Within a year NDTV repaid the loan less an amount of Rs. 48 crores including interest. This is a crooked method. By taking loan from a bank and using it illegally for manipulating its stocks and acquiring shares and repaying a lesser amount. The details of how the amount of Rs. 48 crores was arrived at is documented on Page 7 of the FIR shown below.

Not satisfied with this, within two days of the loan, Husband and Wife siphoned Rs.92 crores to their personal account! Now after Supreme Court’s landmark judgment in February 2016, private banks also come under the scanner of CBI.

CBI has registered an 88 page FIR which is published for the reading for the bleeding hearts of NDTV.  CBI is acting on the complaint filed by the NDTV’s minority shareholder Sanjay Dutt of Quantum Securities. Sanjay Dutt has been knocking various forums for the past three years with his crystal clear complaint. The FIR has reproduced his complaint in detail, which explains the frauds of Roys in details.

First this NDVT’s ICICI Bank fraud was exposed by veteran journalist and now Minister M J Akbar in Sunday Guardian in December 2010. Now ED is expected to register a PMLA case based on the CBI FIR and attachments of properties will follow soon.

ED has already booked NDTV for FEMA violations of Rs.2030 crores and Income Tax has slapped Rs.525 crores for illegal routing of Rs.600 crores from a subsidiary of GE via Bermuda and Netherlands.

Time is ticking for Prannoy Roy, who had cheated banks and engaged in money laundering in the garb of journalism. His cronies and friends who tasted from this loot will cry hoarse. Let them cry. Law is above all.

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