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CBI raids NDTV founder Prannoy Roy's home

Discussion in 'Internal Affairs' started by Butter Chicken, Jun 5, 2017.

  1. zebra7

    zebra7 Captain FULL MEMBER

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    So you are not a so called Bhakt rather a Commies or leftiest , then how come you come to the conclusion that CBI is cooking up the false proof.

    We know very well how NDTV played his role in the anti Modi Campain, and the reason why and how it has relation with the Congress, and the Bullshit which they tried to spread in the light of Barkha dutt, Nidhi Rizwan. But don't forget this raid, is done for the charges of the illegal money by the EDE and Income tax department.
     
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  2. Guynextdoor

    Guynextdoor Major SENIOR MEMBER

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    if Arnab can bray like a donkey for BJP, why shouldn't any other channel support any other side? Truth is that NDTV is neutral but if you want to take that line, why shouldn't NDTV support congress?
     
  3. bharathp

    bharathp Developers Guild Developers -IT and R&D

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    any guy next door can bray for the congress of the AAP. but that doesnt make them above the law. CBI has the right to raid places where it has some suspicions. Let it do its job.
     
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  4. Agent_47

    Agent_47 Admin - Blog Staff Member MODERATOR

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    Do you have any logical argument to bring in other than trolling?
     
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  5. zebra7

    zebra7 Captain FULL MEMBER

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    In a published email along with its story by moneylife.in on NDTV’s shenanigans, (http://www.moneylife.in/article/allegations-of-ndtvrsquos-many-shenanigans/33296.html) on 21st June, 2013, Narayan Rao wrote a long explanations on allegations made by a minority shareholder (Quantum Securities P Ltd) and of course thereafter sued him for defamation. The email (reproduced below) primarily dealt with the following issues and we now expose the lies and fraud committed by Prannoy Roy along with his team at NDTV:

    Sr. Statement made by Roys/Narayan Rao on June 21, 2013 Documents/Govt Departments action during the last 4 years

    1.
    “In the month of December, 2007, the Promoters acquired 48,35,850 (7.73%) shares of NDTV from GA Global Investments Limited, who had decided to sell the said shares, as a result of which their shareholding crossed the 55% threshold. As per the then prevailing Takeover Code provisions, an Open Offer was mandated as the Promoter shareholding had crossed 55%.”

    This lies is completely exposed in the filings with Stock Exchanges where Prannoy Roy and Radhika Roy state they made “an open market purchase”. In a petition filed by QSL with the Delhi HC, the documents clearly show that this was a pre-meditated insider trade between the FII and Roys. Their own statement also exposes the lies wherein stating “who had decided” to sell i.e. Promoters were in touch with / negotiated the deal with the fund managers.

    2. “While the loan from ICICI Bank was unsecured, the Promoters were required to sign a Non Disposal Undertaking regarding their shares held in NDTV.” And further states – “As regards the alleged illegal transactions that the promoters of NDTV have entered into, please note that the promoters of NDTV have, on the basis of legal advise, represented to the Company that there is no security on the loan as has been alleged in the Complaint and that the transactions have been in accordance with law.” In addition the email states that: “I have been informed that the promoters have already paid off the loan to ICICI in April 2009”


    In fact, this is a fit case for perjury, in a filing by Luthra & Luthra (affidavit by lawyers) on behalf of Roys they have categorically stated (attached below) on 10.2.2012 (document below) that – . “The promoters collateral was Rs. 470 crores (3,96,14,759 shares@ Rs. 118.67 per share) while the loan was under Rs. 350 crores.” Besides, the statement that ICICI Bank loan is repaid is again false as even on March 31st 2016, balance sheet of RRPR Holding P Ltd. shows loan outstanding to ICICI Bank.
    This is where the biggest fraud and scam takes places, as per Banking Regulation Act, no lender (ICICI Bank in this case) can take a collateral beyond 30% and nor can a bank advance a loan to a Promoter of a company to retain control / own a listed company. Thus, ICICI Bank and Roys both blatantly violated Banking laws and SEBI Regulations. This is a fit case for CBI / SIT and SEBI probe. Roys have given collateral of their ENTIRE NDTV shares but Narayan Rao lied by saying that ICICI Bank loan was unsecured. Dr. Roy, what is the truth??


    3.
    “Furthermore, RRPR has also informed us that it had received a complaint from SEBI on similar allegations earlier. RRPR had responded to the same. After considering RRPR’s response, SEBI closed the said proceeding, as it could not find any violation of law by RRPR, as alleged or at all” Further, Narayan Rao on behalf of Roys states – “NDTV has not received any notice or document which indicates that the shareholding in the Company is in any way not under the control of RRPR Holding Pvt. Ltd., or Dr.Prannoy Roy and Mrs. Radhika Roy. In fact, they continue to act as promoters of NDTV and exercise all rights in respect of their shares without any limitation or restriction.



    “ This is where Govt of India, Ministry of Information and broadcasting needs to suspend NDTV license and ensure it goes off air.
    Both SEBI and Income Tax Department in their filings before the Delhi HC in Writ Petition No. 984 of 2015 and again in Writ Petition 11148 of 2016 have categorically determined and filed and affidavit stating that NDTV control was passed on by Roys in a covert manner to Vishwapradhan Commercial P. Ltd. in July 2009. This change of control transaction was in the knowledge of Income Tax Department since 2011 and negotiated and closed with the assistance of NDTV officials way back in 2009.

    Just so that readers and ordinary citizens know, no change of control or any form of shareholding can change hands in a news broadcasting company without the specific consent of Govt of India (that included security clearance by Home Ministry). Thus, Roys by this clandestine arrangement in 2009 have now ensured that sooner or later NDTV license will be suspended and it must go “off air”.


    Wish you lots of luck as now the era of corruption, political patronage and stooges of Congress is slowly coming to an end.It’s time that SEBI, CBI, EOW and Enforcement Directorate move in to punish NDTV Frauds!


    Narayan Rao’s email to MoneyLife


    https://www.scribd.com/document/342...esponse-by-Email-on-June-21st-2013#from_embed


    From:
    K V L Narayan Rao <NARAYAN@ndtv.com>
    Date:
    21 June 2013 8:51:23 PM GMT+05:30
    To:
    Sucheta Dalal <sucheta@moneylife.in>
    Cc:
    Debashis Basu <editor@moneylife.in>
    Subject: Re: A complaint about NDTV promoter shareholding lodged with RBI
    Dear Ms. Dalal,This has reference to the e-mail trail below and the letter dated April 27, 2013 addressed by QuantumSecurities Pvt. Ltd. to the Reserve Bank of India.At the outset, it may be noted that Quantum and Sanjay Dutt have been making these false, baseless andscurrilous allegations against NDTV and it Promoters including RRPR Holding Private Limited, withvarious regulators and third parties like Bankers, independent directors on the Board, statutory auditors etc.We are in the process of taking appropriate steps against Quantum and Sanjay Dutt, including criminalaction for defamation.Further, please note that this is the first time we have been made aware of the Complaint which is oneamong various complaints, correspondence and letters that Quantum, through Sanjay Dutt, has been sending, to various individuals including
    NDTV’s business associates, re
    gulators and statutory
    authorities. It is evident that he has adopted this strategy to sully NDTV’s reputation and
    to discredit NDTVin its various business dealings. It is also evident that this is a personal vendetta against NDTV and its promoters as is explained below.Please incorporate by reference the contents of our e-mail dated June 20, 2013 found in the e-mail trail below,
    to give you a true perspective of Sanjay Dutt’s intentions and motive. It is evident that
    he has not been able to garner any support from the various other forums that he has approached and therefore, hasdecided to approach you with this false and baseless Complaint. NDTV categorically states that it has maintained the highest standards of corporate governance and respectsthe rights of all its shareholders. Therefore, NDTV denies all the allegations contained in the Complaint,including alleged non-disclosure, mismanagement or any other illegality. It is pertinent to note that duringhis tenure with the Company, Sanjay Dutt was privy to sensitive and confidential information, which he hasindiscriminately used to malign the Company and to make allegations and insinuations regarding thefinancial transactions of NDTV and its promoters. He has gone a step further to allege that the financialdecisions of the Company have been detrimental to its shareholders, which the Company strongly andvehemently denies.Please see below our comments regarding the various allegations made by Quantum against the Company inthe Complaint. NDTV has at all times complied with all the demands for information that Quantum, as its shareholder, islegally entitled to.
    In the capacity of a shareholder, Quantum has made demands to inspect the Company’s
    register of members and annual returns, which inspection has been provided to Quantum as and whenrequested. Further, any request for copies of the foregoing documents has also been duly complied with.However, Quantum, through Sanjay Dutt, has been addressing incessant e-mails to various officers of thecompany including persons in management, seeking information which is beyond that which a shareholderis entitled to.
    Although this has been done under the guise of ‘shareholder activism’, it has been in the form
    of blackmail and corporate stalking.With respect to the allegations made out against the Promoters, Dr. Prannoy Roy and Mrs. Radhika Roy andRRPR, please note that all of the above are independent entities/individuals, information regardingwhom are not ordinarily available with NDTV. The information provided below has been sought andreceived from RRPR. The Promoters have given us their response based on information in the public
    [​IMG]









    domain and legal advice that they have shared with the Company in the past, which we believe to betrue/correct.It is important that the sequence of events leading upto the loan taken by RRPR from ICICI Bank isunderstood, before considering other submissions:-In the month of December, 2007, the Promoters acquired 48,35,850 (7.73%) shares of NDTV from GAGlobal Investments Limited, who had decided to sell the said shares,as a result of which their shareholdingcrossed the 55% threshold. As per the then prevailing Takeover Code provisions, an Open Offer wasmandated as the Promoter shareholding had crossed 55%. It is interesting to note that Mr. Sanjay Dutt was a principal advisor with NDTV at the time and had also advised the Promoters regarding this acquisition andOpen offer. Hence, the Open Offer was made in compliance of law.-As you may be aware, the making of an Open Offer to existing shareholders is mandatory as per SEBIregulations. Also, the number of shares and the price at which such Open Offer is to be made is done inaccordance with SEBI mandated formulas, contained in the Takeover Code. Therefore, the Open Offer wasa legal obligation that the Promoters had to fulfill. The Open Offer is to be made with the approval of SEBIand was made accordingly.-In order to be able to pay for the shares acquired under the Open Offer, the Promotersobtained a Loan fromIndiabulls Financial Services.-Later, in the month of November, 2008, the Promoters repaid the Loan to Indiabulls Financial Services andhad to avail the Loan from ICICI Bank to repay a part of the loan taken from Indiabulls FinancialServices. This was done to reduce the cost of borrowings for the Promoters.-While the loan from ICICI Bank was unsecured, the Promoters were required to sign a Non DisposalUndertaking regarding their shares held in NDTV.-It must be noted that the loan was taken by the Promoters only to meet their obligation under the Open Offerand not for any other reason. In my view, it is laudatory that they met their obligations despite a hugefinancial burden being placed on them. We are shocked that Mr. Sanjay Dutt has chosen to twist facts andtalk about this matter when he was the one who advised the Promoters to acquire the shares leading to theOpen Offer in the first place.It is pertinent to note that the information relating to the Open offer is available in the public domain alongwith the background in connection with the lending and the application of funds. Therefore, the loan was notfor any frivolous reason. All the relevant and necessary disclosures have been made in the Open Offer itself,which the Promoters undertook to ensure that their actions were in compliance with law.The Promoters have informed us that the ICICI Bank loan was taken to minimize their cost of borrowing,which is not only legal but also a prudent commercial practice. The promoters had entered into thetransaction with advise that the same was not in violation of any requirement of law.
    As regards the alleged illegal transactions that the promoters of NDTV have entered into, please notethat the promoters of NDTV have, on the basis of legal advise, represented to the Company that thereis no security on the loan as has been alleged in the Complaint and that the transactions have been inaccordance with law.
    It may be noted that the allegations regarding non-compliance by the Promoters and NDTV of theirobligations of declaration of encumbrances on their shareholding in NDTV, have been made by thevery same entity/person earlier as well. The matter and the basis of the same Complaint was placedbefore the Audit Committee of NDTV and was considered by the Audit Committee members.A legal representative of RRPR presented the facts and the legal position related to the disclosure









    obligation under SEBI provisions. The Audit Committee of NDTV considered the same and wassatisfied that the necessary compliances have been ensured by the Promoters, RRPR and NDTV.
    Furthermore, RRPR has also informed us that it had received a complaint from SEBI on similarallegations earlier. RRPR had responded to the same. After considering RR
    PR’s
    response, SEBI closed the said proceeding, as it could not find any violation of law by RRPR, asalleged or at all
    Sanjay Dutt has made similar allegations to the Registrar of Companies, Delhi and Haryana. The Companyhas sent an appropriate response to the ROC, which too has been responded to by RRPR as well as NDTV.
    NDTV has not received any notice or document which indicates that the shareholding in the Companyis in any way not under the control of RRPR Holding Pvt. Ltd., or Dr.Prannoy Royand Mrs. Radhika Roy. In fact, they continue to act as promoters of NDTV and exercise all rights inrespect of their shares without any limitation or restriction. The onus therefore, lies upon Mr. SanjayDutt, who has made these baseless allegations, to show how he believes that the rights to these shares,held by the promoters in the Company, are in any way limited or restricted. It is evident that theallegations are misconceived and misconstrued and are not relevant.
    I have been informed that the promoters have already paid off the loan to ICICI in April 2009, a fact whichMr. Sanjay Dutt himself has acknowledged to NDTV. Further, the question of the ICICI loan being onewhich violated any prescription of law pertaining to NDTV or otherwise is strongly denied.The actions of Mr. Sanjay Dutt are motivated by a personal vendetta that he has against NDTV and its promoters. It is evident from his various acts that he is using information, knowing it be false, especially tostatutory authorities to instigate the statutory authorities to use their powers to the prejudice of NDTV. Suchacts are motivated by a desire to compel NDTV to accede to his illegal demands for money claimed by him,which he is not entitled to. The misuse and abuse of the law to fulfil personal measures and settle personalscores is something that NDTV has contested and is willing to take forward by way of necessary andappropriate action. it may be noted that Quantum and Sanjay Dutt have been making these false, baselessand scurrilous allegations against NDTV and it Promoters including RRPR Holding Private Limited, withvarious regulators and third parties like Bankers etc. We are in the process of taking appropriate stepsagainst Quantum and Sanjay Dutt, including criminal action for defamation.We hope that the above comprehensively answers the issues raised in the Complaint, on behalf of NDTV and its Promoters.Given your sterling reputation as a journalist who can distinguish between information from a crediblesource from information provided with an ulterior motive to further a personal agenda, we hope that you cansee the Complaint for what it is. We request you not to be misled into publishing false, defamatory andscandalous allegations which have a bearing on the otherwise unblemished reputation and goodwill of NDTV. NDTV is always willing to answer all questions that it is asked without compromising any of its rights,which also stands true for the present reply.Kind regards, NarayanKVL Narayan Rao,Executive Vice-Chairperson NDTV Group,207, Okhla Industrial Estate, Phase III, New Delhi-110020

    Copy of affidavit filed on behalf of the Roys


    Filed in the Delhi High Court:- Case Number:- CS(OS) No. 3049 of 2011New Delhi Television Limited (Plaintiff) vs Mr. M.J.Akbar & Other DefendantsDocument filing date: - 10.02.2012
    Quote
    RESPONSE TO QUESTIONNAIRE TO DR. ROYFrom: Luthra Delhi <delhi@luthra.com>To: joyeetabasu@gmail.com <joyeetabasu@gmail.com>Sat, Jan 29, 2011 at 7.16 pmQuoteDear Joyeeta Basu,Our Clients Dr. Roy, Mrs. Roy and RRPR instruct us to respond as follows to your questionnaire:
    “Your earlier articles and your current list of questions are full of rubbish,
    appalling journalism and
    obviously motivated to libel and defame. Moreover, you haven’t shown us your current article so we
    have no idea of its real contents. Last time you asked a set if questions but the headlined banner articlewas totally different in content and had nothing to do with the questions you had asked. We respond,not to join cause with you but because your unfortunate readers deserve some semblance of sense andtruth.The following are some examples of your key libellous statements:The Sunday Guardian says the promoters made a loss of Rs
    206 crores and asks why they didn’t pay taxon this. Nobody pays tax on losses. Didn’t you know? In any case there was
    no loss.**The Sunday Guardian says some shares were Rs. 4 while others were at Rs. 140. Silly query. These aretransactions between promoters and do not affect any other shareholder in any way. These arecommonly done as per the law, within promoter group and off market. The shares held by the promotergroup always remain the same. All these transactions are as per SEBI rules and publicly available. Againsimple finance and everything openly declared. (Unlike The Sunday Guardian which has secret funding,not declared to anyone and strange sources of funds. Please could you be as transparent as NDTV and
    declare the sources of your loans, where your share capital came from and whether it’s true your money
    comes from the mafia as widely alleged?)**The Sunday Guardian says that loan affects NDTV. Rubbish once again. The ICICI loan (since paid off)was a personal loan to the promoters and has nothing at all to do with the company NDTV. Surely youknow the basic distinction between promoters and the company? Moreover, everything is declared publicly to the ROC (unlike The Sunday Guardian which filed its balance sheet four months late with theRoC and even more seriously, has failed to file its annual return with the ROC till date) and to SEBI sothere is no violation of any Act as charged by you libellously.
    **The Sunday Guardian writes that NDTV and the promoters indulged in ‘
    misdemeanours
    ’ during a“buyback of shares”. False. There was absolutely no “buy
    -
    back of shares” at all. This can be easily
    crosschecked through exchanges and shareholders. The promoters, Prannoy Roy, Radhika Roy and RRPR
    (also a publicly declared promoter), made an ‘open offer’ strictly by SEBI rules. The price of Rs. 439 was
    arrived at on the basis of a well-known, accepted and practised SEBI formula. Again easily checked out
    but The Sunday Guardian didn’t bother to check –
    shoddy journalism.Page 1/2
    [​IMG][​IMG]









    **The Sunday Guardian writes that India Bulls was compelled to “recall the loan”. False. India Bulls
    never
    recalled the loan. It didn’t need to –
    because the value of the security was always greater than the loangiven by India Bulls.
    **The Sunday Guardian writes that ICICI gave the promoters a loan even though the “collateral was farless than the amount of the loan”.
    False. The promoters collateral was Rs. 470 crores (39614759 shares@ Rs. 118.67 per share) while the loan was under Rs. 350 crores. The Sunday Guardian seems todeliberately forget to calculate the value of the shares of all three entities of the promoters andmistakenly only takes one of the three promoters RRPR. Easy to check

    shoddy and motivated journalism.**The Sunday Guardian suggests that there is something wrong in selling shares above the face value ofthe shares

    “NDTV Imagine [now sold] shares representing a face value of Rs. 1
    0 were sold at Rs
    776.”
    We would like to ask The Sunday Guardian

    What is the relationship between the face value of a shareand its market price? Every single share in the stock market has a face value of 5 or 10, but trades at allsorts of values. An Infosys share has a face value of Rs 1 but has a market value of Rs 3000. Needless tosay all the transactions were made at Market value prices negotiated with reputed third parties.Moreover, all these values and prices were publicly declared at every stage to the exchanges and to themedia. All you have to do to verify is to do a Google search.
    **The Sunday Guardian writes “The benefit
    of such high premium obtained by these shares has notreached the Indian investors in the company. NDTV shares, on the other hand, are slipping even further,and
    losses rising.” False. Obvioulsy, higher the prices that shares are sold at, the better it is for
    shareholders. These were subsidiaries of NDTV, so all shareholders of NDTV benefited from the high
    value.”
    Sincerely,Luthra & LuthraLaw Offices


    RRPR Balance Sheet From ROC Records



    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]

    https://www.scribd.com/document/342436479/RRPR-Balance-Sheet-From-ROC-Records#from_embed


    source https://www.pgurus.com/prannoy-roy-his-henchman-at-ndtv-more-lies-fraud/
     
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  6. zebra7

    zebra7 Captain FULL MEMBER

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    From Commies to NDTV supporter, here is some truth for you

    http://www.opindia.com/2015/04/earlier-ndtv-used-to-create-lies-now-they-delete-truths/

    http://www.opindia.com/2016/05/ndtv...social-media-for-gross-lies-and-misreporting/

    http://rightlog.in/2016/08/jairam-ramesh-ndtv/

    http://www.thelotpot.com/shame-ndtv...akistani-lies-red-handed-check-what-happened/



     
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  7. sangos

    sangos Lt. Colonel SENIOR MEMBER

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    These allegations are likely to be proved true. Enemies within (with polished smiley faces) are worse than porks.
     
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  8. bharathp

    bharathp Developers Guild Developers -IT and R&D

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    seriously - I am trying to answer you with as much courtesy as I can.

    you claim CBI has raided NDTV wrongly - which means you do not believe NDTV is doing anything wrong (you do not have proof for NDTV being "not" wrong)
    and I said - CBI has a right to raid - but no right to arrest or incarcerate anyone without proof. whats wrong with a raid? if there s nothing incriminating to be found, then why worry?

    lets get to that instead of you calling me a Bhakt
     
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  9. Guynextdoor

    Guynextdoor Major SENIOR MEMBER

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    how come CBI not raid Yeddy, Times Now or India TV. Some of these 'media houses' had such bad reputation that only Kacha Banian ads were put on them. So how did they remain afloat?


    'I am trying to answer you with as much courtesy as I can.'- I agree must be very very difficult for BJP supporters.
     
  10. bharathp

    bharathp Developers Guild Developers -IT and R&D

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    @Hellfire i do not want to delete this myself - to avoid conflict of interest :p but .. feel free to clean this up if you think it needs to be
     
  11. bharathp

    bharathp Developers Guild Developers -IT and R&D

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    is NDTV's prannoy roy squeaky clean or not? if there is enough doubt, there is a good argument for a raid.

    dont change the subject and create jalebis around the topic by bringing anything other than NDTV. Prannoy Roy and CBI.
     
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  12. Guynextdoor

    Guynextdoor Major SENIOR MEMBER

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    Pranoy Roy's NDTV is squaky clean. Cases cooked up against them y CBI. Instead of wasting time on NDTV etc.if Modi did some work the economy would have done better. Apparently he's been fudging unemployment numbers to hide jobless growth.
     
  13. Hellfire

    Hellfire Devil's Advocate Staff Member MODERATOR

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    Source this one.

    Trust me, most members here have been at the receiving end of mine for championing Modi and BJP, here as also elsewhere. In fact, am called George Bernard Shaw by few :D

    But your posts so far are exactly what you are accusing them of ... baseless and substance less. And may I say, exhibition of an agenda is too apparent
     
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  14. Guynextdoor

    Guynextdoor Major SENIOR MEMBER

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    you think so? The extensive horseshit presented as evidence includes this line. Surely just because a lot of garbage has been posted as evidence you don't think it is evidence?

    In fact, this is a fit case for perjury, in a filing by Luthra & Luthra (affidavit by lawyers) on behalf of Roys they have categorically stated (attached below) on 10.2.2012 (document below) that – . “The promoters collateral was Rs. 470 crores (3,96,14,759 shares@ Rs. 118.67 per share) while the loan was under Rs. 350 crores.” Besides, the statement that ICICI Bank loan is repaid is again false as even on March 31st 2016, balance sheet of RRPR Holding P Ltd. shows loan outstanding to ICICI Bank.
    This is where the biggest fraud and scam takes places, as per Banking Regulation Act, no lender (ICICI Bank in this case) can take a collateral beyond 30% and nor can a bank advance a loan to a Promoter of a company to retain control / own a listed company. Thus, ICICI Bank and Roys both blatantly violated Banking laws and


    'they gave more than 30% as collateral' and whether a loan is a secured loan or not has been supported with documents. Is the jackass trying to say that the documents given in attachment from ICICI were also fudged to make them look 'unsecured'? This is all a big big cookup.
     
  15. Hellfire

    Hellfire Devil's Advocate Staff Member MODERATOR

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    This is what you have answered. I did not even comment on this.

    This is your quote as under:



    Source this.

    Please post relevant facts that there was no work and hence economy did not do as well. Post indices wherein the present government has slipped in execution of projects, as also implementation of required policy directions. Also, where the government has increased public intervention into the market thereby increasing the debt, also where the government has failed in meeting it's fiscal targets as well as deficit margins.

    More specifically, pleas do show me the 'fudging' of unemployment numbers in an economy where MNREGA was used to have ghost employment. Additionally, this is an economy where 'disguised' unemployment is rampant.
    I am looking forward to your sources of the same.

    Don't post me Arundhati Roy's crap though. That is what I call, pure crap.
     

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