News

NDTV Share Price Jumps 3% After Adani Acquires 29% Stake

NDTV’s stock has been bouncing up and down since Adani Group announced it would buy a 29% stake in the company. In the last year, its share price has risen over 100 percent, but its recent financial results have been patchy and its promoters have faced tax investigations. It is unclear what this means for its future financial performance.

Adani Acquires 29% Stake

NDTV’s financial performance has been patchy

NDTV has faced many setbacks in recent years. For one, its financial performance has been patchy. Adani Enterprises has hired veteran journalist Sanjay Pugalia as the new CEO of the news channel. He previously served as editorial director of Zee News and president of Quint Digital Media. Sanjay also co-founded AajTak, which has since been sold to Viacom18. He has also worked for the Business Standard and the Navbharat Times. He was also a regular contributor to the BBC Hindi Radio during the 1990s.

The FIR alleges that Roys’ ICICI loan was a major source of losses for the bank. The bank was allegedly cheated out of nearly Rs 48 crore by Roys, who had not disclosed the entire ownership structure of NDTV to the stock exchanges. Roys’ ICICI bank was criticized for covering up the lapses in the disclosure process. Nevertheless, the bank is now under investigation.

The FIR also alleges that ICICI Bank and NDTV facilitated a de facto transfer of ownership from 2009 to 2012. According to Dutt, ICICI allegedly conspired to conceal the true acquirer of NDTV by executing a sham settlement agreement in 2008. The complaint is seeking a court order to compel the company to disclose its true acquirer.

NDTV’s promoters have faced a tax investigation since 2014. NBCUniversal allowed the network to use its offices to conduct business. In return, NDTV received funds from a foreign institution and settled the account at an amount that was 80 per cent less than the original amount. NBCUniversal was also investigated by the Income Tax authorities. It is unclear if the remittance came from a NBCUniversal affiliate.

NDTV’s promoters have been subject to tax investigations

The court also ordered NDTV’s promoters to pay penalties. It is unclear exactly how much money they owe, but the Sebi has said that the penalties they owe have exceeded their yearly profits. The company has not commented on the specifics of its tax investigation, but has said it plans to appeal against the penalties. Although NDTV’s promoters have denied any wrongdoing, the VCPL-owned company is still under investigation.

READ  WATCH: Hashini Silva Leaked Video Twitter Link Went Viral

Despite this, NDTV’s promoters continue to fight the income tax department. In the latest financial results released last month, NDTV reported a loss of Rs 65 crore. But its taxable income is only Rs 641 crore. The tax department has sought to learn more about how the channel made its money in 2008-09.

In addition to the ICICI bank investigation, NDTV’s promoters have faced tax investigations in the past. The bank also claims that the promoters knowingly and illegally held over 61 percent of NDTV’s voting capital. This is a significant violation of tax laws. The company has a history of violating the MIB, SEBI, and MHA security clearance guidelines.

A fresh case has been registered against the company by the Central Bureau of Investigation. This is the latest development in this matter. The alleged tax violations involve the NDTV promoters and a bank loan default of Rs 48 crore. The case is based on the fact that the promoters of NDTV entered into smokescreen share sale agreements that hoodwinked investors and gave up significant control over the channel to unknown entities.

Show More

Related Articles

Back to top button
%d bloggers like this: