Sanjay Dutt of Quantum Securities and Prannoy Roy/ Vikram Chandra’s NDTV have a feud which is running over the past several years. Sanjay, who is a shareholder of NDTV, has filed multiple complaints against NDTV and its promoters alleging numerous irregularities. In response, NDTV has filed cases against Sanjay Dutt and also secured an injunction from the High Court that he should refrain from making any more allegations.
Now, the latest twist is that the income-tax sleuths have got wind of an alleged scam perpetrated by NDTV. Apparently, some subsidiary of NDTV allotted shares to two foreign companies and received an exorbitant amount of Rs. 624 crore. The shares were allotted for an eye-popping consideration of Rs. 7,015 each.
The astonishing part is that the subsidiary which allotted the shares has no business operations and there is nothing to show that it has any value let alone the value of Rs. 7,015 per share.
What is even more surprising that the shares were sold in the very next year for a price of Rs. 634 per share and a whopping loss of Rs. 584 crore was claimed.
Here, we must compliment the income-tax department for their investigating skills. When they demanded an explanation for the allotment of shares at Rs. 7,015 to the foreign shareholders even though the allotting company has no business or assets, Prannoy Roy and Vikram Chandra did not blink an eyelid. They said that they had “sold dreams” to the foreigners.
When the duo was asked why the same shares were sold at Rs. 634 each in the very next year, the deadly duo claimed that the “dreams had been busted” and the shares have plunged in value.
Fortunately, Sanjay Dutt has turned whistle blower and has turned the tables on the alleged shenanigans of the duo of Roy and Chandra.
Sanjay Dutt admitted that he is privy to all the dark secrets because he and his Quantum Securities were hired by NDTV as Financial Consultants/ Advisors for some corporate restructuring. He told the department that the real purpose of the transaction entered into by NDTV was to route money without any intention of paying taxes and in violation of various legal provisions.
Sanjay Dutt made available to the income-tax department all the incriminating material in the form of emails and other correspondence between Prannoy Roy and the others.
The bottom line of this shocking episode is that the income-tax department has demanded total tax of about Rs. 300 crore and penalty of Rs. 525 crore. This aggregates to a mind-boggling figure of Rs. 825 crore.
NDTV has on its rolls the infamous Barkha Dutt. Barkha Dutt is notorious for her alleged anti-NAMO and anti-India stance. She got into trouble recently for her anti-Army coverage in Kashmir and for condemning the death of dreaded terrorist Burhan Wani who was the commander of Hizbul Mujahideen.
Breaking: Burhan Wani hizbul commander, son of school headmaster who used social media as weapon of war, killed in Anantag. BIG STORY
— barkha dutt (@BDUTT) July 8, 2016
She is also alleged to be pro-Muslim and anti-Hindu in her outlook.
If anybody is watching Bdutt program in West – he will think Indian Govt supporters are killing Dalits and Muslims randomly. Good Job @bdutt
— Deepak Singh (@smarket) July 27, 2016
Barkha Dutt shot into super notoriety when dreaded terrorist Haffez Sayed, who is alleged to have master-minded the Bombay terrorist attack which killed hundreds of innocent citizens, complimented her for her role in propagating Pakistan’s view point in India.
Well deserved compliments–Hafiz Saeed praises Barkha Dutt and Congress! https://t.co/FQLjyBdFKq
— Madhu Kishwar (@madhukishwar) July 25, 2016
NDTV Diva @bdutt is upset with this picture
So please do not Retweet it.
Thank you pic.twitter.com/VxzBgRUgRT
— Rishi Bagree (@rishibagree) July 29, 2016
Barkha Dutt got hauled up by Arnab Goswami of Times Now a few days ago for her alleged anti-India and anti-Army and pro-Pakistan stance.
Since then, she has been spearheading a campaign against him in the social media.
Hope you always loathe my journalism Mr. Goswami, Feeling so mutual; would kill me to be on same side as you-my post https://t.co/SwXLrxtBTY
— barkha dutt (@BDUTT) July 27, 2016
The punters at MMB are understandably distressed at the turns of events with respect to a stock where they have invested their life savings.
One punter lamented that the TRPs have plunged to their lowest owing to Barkha Dutt. Another advised investors to dump the NDTV stock on the basis that it is “very biased and has no credibility”.
The latest income-tax demand may be the final nail in the coffin. NDTV’s total market capitalisation is only Rs. 535 crore. Its total net worth is only Rs. 317 crore. How will it ever pay a colossal tax demand of Rs. 825 crore? Will it be wound up? These are the seminal questions troubling investors in NDTV and they are wondering whether they should bail out now and salvage the little that they can from the junkyard stock!