NDTV Frauds by Sree Iyer

Author:Sree Iyer [Iyer, Sree]
Language: eng
Format: epub
ISBN: 9789383826322
Google: BRbQAQAACAAJ
Publisher: On Demand Publishing, LLC-Create Space
Published: 2017-03-07T21:23:22+00:00

Figure 3. Timeline of filings by Quantum Services Limited

Table 3. Abbreviations explained

SEBI

Securities and Exchange Board of India

ROC

Registrar of Companies

ITD

Income Tax Department

RT

Round tripping

ML

Money Laundering

EOW

Economic Offences Wing

DRP

Dispute Resolution Panel of Income Tax Department

Some observations about the timeline graphic above:

QSL approached the Supreme Court on NDTV’s defamation case and argued that the jurisdiction of Bombay High Court because NDTV chose Mumbai with the sole intention of harassing them. The case is pending disposal and is currently frozen.

SEBI, since 2012-2013, has got several complaints relating to insider trading of the promoters, disclosure violations, fraudulent trades and take-over code violations from QSL but never bothered to even acknowledge them - forget taking action even after presentation of cogent evidence. Is it not the role of SEBI to ensure that the market is fair and gives equal opportunity for everyone to trade? How many times has SEBI punished the promoter of a publicly traded company? By law of averages, there will be crooks and SEBI’s role is to catch them and punish them. It is easy to say that India has a vibrant stock market but if the watchdog organization does not act swiftly, it would turn investors away.

NDTV has about 45,000 small investors who perhaps, looking at the glitzy, honest sounding stars invested their hard-earned money into its shares and now are looking at utter ruin. Even if NDTV is brought to book and an outside entity is appointed to auction off its assets, will the common man get his money back? Not only that, now that it has so many statutory liabilities from Income Tax and ED fines etc. piling up, what happens to the banks that may have given loans?

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