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https://www.pgurus.com/ndtv-suppressed-rs-1107-crores-profit-from-income-tax-authorities/
NDTV’s own statements of accounts show that they made a profit of Rs. 1107 crores ($160 million) by floating, money laundering, routing through tax havens and selling shares of its shell companies that were started abroad. The statements filed by NDTV to Registrar of Companies show that even after getting such huge profits the TV channel never paid tax for these huge profits. This admission of NDTV is now caught by the Income Tax Department (ITD) and the agencies’ findings are ratified by Delhi High Court’s Bench headed by Justice Ravindra Bhatt.
It must be remembered that during this period NDTV management was claiming a huge loss due to the Global meltdown and it retrenched more than 500 staffers across India.
The Judgment delivered by Delhi High Court’s Bench comprising Justice Ravindra Bhat and Justice Najmi Waziri on August 10 details the entire tax frauds committed by Prannoy Roy and the top management. The Judgment is published at the end of this article. Now NDTV’s appeal against this Judgment is in the Supreme Court and is expected to be headed by a Bench headed by Justice Rohinton Nariman on October 3. The NDTV wants a stay and quashing of Delhi HC Judgment exposing their tax evasion and money laundering through a series of illegal shell companies floated abroad.
The Annexure 3 of the NDTV’s annual report in 2008-09 clearly shows that they got “exceptional gain” of more than Rs.642 crores. The Annexure 4 also shows that NDTV made huge money through its shell companies in Mauritius. The statement mentions that taxes were not paid to Indian authorities. “The unutilized monies of NDTV Studios as at March 31, 2009, amounting to Rs.34,384 lacs (Rs.343.84 crore) have been kept with banks in deposit accounts. During the period NDTV Studios has earned Rs2,155 lacs (Rs. 21.55 crore) as interest on these deposits,” says Point No: 7 of the Annexure 4 Notes.
It must be remembered that during this period NDTV management was claiming a huge loss due to the Global meltdown it retrenched more than 500 staffers across India. Will the Journalist unions that rallied for Prannoy Roy now have any answers for his treachery to the Journalist community? While earning huge profits, he richly rewarded his staffers by terminating 500 of them!
The Delhi High Court Judgment exposing the tax frauds and money laundering of NDTV, and its own Annexure 3 and 4 showing huge gains and summary of its profits around Rs. 1107 crores earned by money laundering through its more than 30 illegal shell companies are published below:
NDTV’s own statements of accounts show that they made a profit of Rs. 1107 crores ($160 million) by floating, money laundering, routing through tax havens and selling shares of its shell companies that were started abroad. The statements filed by NDTV to Registrar of Companies show that even after getting such huge profits the TV channel never paid tax for these huge profits. This admission of NDTV is now caught by the Income Tax Department (ITD) and the agencies’ findings are ratified by Delhi High Court’s Bench headed by Justice Ravindra Bhatt.
It must be remembered that during this period NDTV management was claiming a huge loss due to the Global meltdown and it retrenched more than 500 staffers across India.
The Judgment delivered by Delhi High Court’s Bench comprising Justice Ravindra Bhat and Justice Najmi Waziri on August 10 details the entire tax frauds committed by Prannoy Roy and the top management. The Judgment is published at the end of this article. Now NDTV’s appeal against this Judgment is in the Supreme Court and is expected to be headed by a Bench headed by Justice Rohinton Nariman on October 3. The NDTV wants a stay and quashing of Delhi HC Judgment exposing their tax evasion and money laundering through a series of illegal shell companies floated abroad.
The Annexure 3 of the NDTV’s annual report in 2008-09 clearly shows that they got “exceptional gain” of more than Rs.642 crores. The Annexure 4 also shows that NDTV made huge money through its shell companies in Mauritius. The statement mentions that taxes were not paid to Indian authorities. “The unutilized monies of NDTV Studios as at March 31, 2009, amounting to Rs.34,384 lacs (Rs.343.84 crore) have been kept with banks in deposit accounts. During the period NDTV Studios has earned Rs2,155 lacs (Rs. 21.55 crore) as interest on these deposits,” says Point No: 7 of the Annexure 4 Notes.
It must be remembered that during this period NDTV management was claiming a huge loss due to the Global meltdown it retrenched more than 500 staffers across India. Will the Journalist unions that rallied for Prannoy Roy now have any answers for his treachery to the Journalist community? While earning huge profits, he richly rewarded his staffers by terminating 500 of them!
The Delhi High Court Judgment exposing the tax frauds and money laundering of NDTV, and its own Annexure 3 and 4 showing huge gains and summary of its profits around Rs. 1107 crores earned by money laundering through its more than 30 illegal shell companies are published below:
