| 24/06/2013 11:13 AM
Sanjay Dutt, director of Quantum Securities and a long-term shareholder of NDTV has alleged that chairman Prannoy Roy received irregular promoter funding of Rs375 crore by pledging NDTV shares which, according to him, is against the RBI rules
In August 2011, Moneylife wrote: “NDTV got listed in 2004 and is trading below its listed price after seven years. It has given a negative return of 19% compounded in the past five years and a total shareholder return (TSR) of negative 66% for the same period. Its viewership claims, like those of all TV channels, are impossible to verify. Its credibility is at a nadir (after the recent phone-tapping controversy) and its finances are in a mess. NDTV has rarely made money from operations. For the past few years, its consolidated operations have been making cash losses and it has been running on money made by selling loss-making subsidiaries to strategic investors.”
We further pointed out how marquee institutional investors always line up to acquire this loss-making company’s bits and pieces and exit at a loss at regular intervals, only to make way for other big name investors! The latest was DE Shaw which provided an exit to Goldman Sachs in 2011 by acquiring a 14.2% stake. After this, NDTV acquired a significant investor—Abhay Oswal, who owns nearly 15% of its equity but seems to have no presence on NDTV’s board of directors. Mr Oswal happens to be the father-in-law of Navin Jindal, an industrialist and Congress Member of Parliament.
In all these years, no investor has complained, or uttered a word of public criticism, about the losses and operations of this strange company. But, a few weeks ago, Moneylife received an email from Sanjay Dutt, director of Quantum Securities P Ltd, a name familiar to all those who watch the business TV regularly. Mr Dutt said that his firm is a long-term shareholder of NDTV and holds over 1% of its equity capital. He also disclosed that he had worked as a consultant with the group from 2006 to 2008 and has been a personal friend of the current CEO for over 15 years. But, more about that later. Mr Dutt was writing to make some startling allegations about NDTV’s capital ...
Source: http://moneylife.in/article/allegations-of-ndtvs-many-shenanigans/33296.html
Sanjay Dutt, director of Quantum Securities and a long-term shareholder of NDTV has alleged that chairman Prannoy Roy received irregular promoter funding of Rs375 crore by pledging NDTV shares which, according to him, is against the RBI rules
In August 2011, Moneylife wrote: “NDTV got listed in 2004 and is trading below its listed price after seven years. It has given a negative return of 19% compounded in the past five years and a total shareholder return (TSR) of negative 66% for the same period. Its viewership claims, like those of all TV channels, are impossible to verify. Its credibility is at a nadir (after the recent phone-tapping controversy) and its finances are in a mess. NDTV has rarely made money from operations. For the past few years, its consolidated operations have been making cash losses and it has been running on money made by selling loss-making subsidiaries to strategic investors.”
We further pointed out how marquee institutional investors always line up to acquire this loss-making company’s bits and pieces and exit at a loss at regular intervals, only to make way for other big name investors! The latest was DE Shaw which provided an exit to Goldman Sachs in 2011 by acquiring a 14.2% stake. After this, NDTV acquired a significant investor—Abhay Oswal, who owns nearly 15% of its equity but seems to have no presence on NDTV’s board of directors. Mr Oswal happens to be the father-in-law of Navin Jindal, an industrialist and Congress Member of Parliament.
In all these years, no investor has complained, or uttered a word of public criticism, about the losses and operations of this strange company. But, a few weeks ago, Moneylife received an email from Sanjay Dutt, director of Quantum Securities P Ltd, a name familiar to all those who watch the business TV regularly. Mr Dutt said that his firm is a long-term shareholder of NDTV and holds over 1% of its equity capital. He also disclosed that he had worked as a consultant with the group from 2006 to 2008 and has been a personal friend of the current CEO for over 15 years. But, more about that later. Mr Dutt was writing to make some startling allegations about NDTV’s capital ...
Source: http://moneylife.in/article/allegations-of-ndtvs-many-shenanigans/33296.html
21 June 2013
- The photographs that Uttarkashi Aapda Prabandh Samiti sent me a few
days back are still fresh in memory. When I showed them to a relative, I
was asked in a tone of disbelief, “Are you sure these are fresh
photographs? The collapsing building looks like what we saw last year
in the aftermath of the flash flood.” In these days of 24x7 news
channels bringing the footage of unfolding disasters to our drawing
rooms, very few journalists would look at a totally unlikely source to
write a disaster related story. Yet, once again, while not rushing to
ground zero to file a disaster-related human interest story, I have
decided to browse through a source that friends often accuse me of
being addicted to: Performance Audits by CAG of India on the working of
institutions and implementation of Acts. - See more at:
http://www.indiatogether.org/2013/jun/gov-disaster.htm#sthash.oDatfJwK.0Iz9YwlD.dpuf
As the massive disaster in flood-stricken Uttarakhand unfolds,
Himanshu Upadhyaya
draws attention to the glaring inadequacies in disaster
management preparedness and risk reduction in the state, as well as the
nation, as exposed by recent audits.
- See more at: http://www.indiatogether.org/2013/jun/gov-disaster.htm#sthash.oDatfJwK.0Iz9YwlD.dpuf
As the massive disaster in flood-stricken Uttarakhand unfolds,
Himanshu Upadhyaya
draws attention to the glaring inadequacies in disaster
management preparedness and risk reduction in the state, as well as the
nation, as exposed by recent audits.
- See more at: http://www.indiatogether.org/2013/jun/gov-disaster.htm#sthash.oDatfJwK.0Iz9YwlD.dpuf
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