I-T tribunal indicts NDTV, Prannoy for money laundering of Rs 642 crore
22 July 2017 11:36 PM IST
The Income Tax Appellate Tribunal (ITAT) order on NDTV has stated that in the year 2009, the Ministry of Corporate Affairs was hands in gloves with the owners of NDTV in hiding financial information of the foreign shell companies floated and used for money laundering of Rs 642 crore.
The ITAT held Dr Prannoy Roy personally responsible in tax evasion and laundering of Rs 642 crore.
The order states that NDTV and its promoters laundered 1,100 crore of black money during 2007-08 to 2009-10 out of which finding of black money to the tune of 642.54 crore and its laundering has been confirmed by the ITAT
"The ITAT confirmed the finding of the income Tax Department that Prannoy Roy made conscious attempt to hide financial details of foreign paper subsidiary companies of NDTV by not attaching audited profit loss account, balance sheet and annual report of these foreign shell companies along with annual report of NDTV," ITAT order read.
The ITAT further holds the view that Dr Roy, before making an application to Ministry of Corporate Affairs on May 8, 2009, seeking an exemption to NDTV for not making disclosure of financials of foreign companies misinformed shareholders and other regulatory authorities on April 30, 2009, that Ministry of Corporate Affairs has already granted the exemption to NDTV. Agencies
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