Income Tax Appellate Tribunal has convicted NDTV CEO Prannoy Roy as guilty of tax evasion and money laundering of Rs. 642 crores. In a verdict this month, the Tribunal said that NDTV had illegally sought money from foreign companies and misinterpreted the financial agencies of India. ITAT has said that the way money was invested, it is clear that this work was done to whiten the black money.
NDTV CEO Prannoy Roy, though, is saying that he has not used any kind of black money, but Income Tax Appellate Tribunal i.e., the July 14th judicial verdict of ITAT makes it clear that Pranay Roy's claims The truth is not there. In the verdict, ITAT has clearly identified NDTV CEO Prannoy Roy as guilty of tax evasion and money laundering of Rs 642 crores.
Tribunal says that in 2009, together with the corporate affairs ministry, Pranoy Roy made fake companies in the Netherlands and used it in money laundering of Rs 642 crores. ITAT has said that the way money was invested, it is clear that this work was done to whiten the black money. ITAT has said in its July 14 order that NDTV had applied in the Ministry of Corporate Affairs in May 2009 It was given that foreign companies should be exempt from disclosure in financial matters. The permission of the ministry was found in July, but before that in April, Pranoy Roy told SEBI and the stock exchange in a fraudulently manner through the Director Reports that they have got the permission.
ITAT has taken this forgery very seriously. ITAT has also said that if a company invests in any other company, then there is talk of promoting trade. But invested in NDTV only exchanges money. The Appellate Tribunal has also taken cognizance of the mail as evidence, in which the matter is cleared by the conversation between Pranay Roy and PWC.
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