A case of Income Tax evasion is being scrutinized by the Additional Commissioner range 17 against Vaishnavi Communication and Nira Radia. The total income tax evasion for the last two years is estimated to be in the range of 7 cores. Income tax sleuths who spoke on condition of anonymity said they were alerted to the evasion because of large cash withdrawals (above Rs 5 lakh per transaction) which have been shown as petty cash against expenses.
A secret enquire revealed that there were concurrent deposits made in the accounts of some journalists who have been helping Vaishnavi (which handles all corporate PR for the Tatas) and its newly founded subsidiary Neucom which handles all PR for Mukesh Ambani and Reliance Industries. A scrutiny is also believed to be on of the accounts held by Manoj Warrier, currently CEO if Neucom and Kirby Furtado a key executive both of whom are believed to be the conduits of payments being made to some elements of the media. In some cases some deposits were made in the accounts of the wives of some of these journalists. While the Finance Ministry is believed to have issued strict instructions to the Chairman CBDT and Member Investigations not to target the media, the Ministry through SEBI’s investigation wing is also keen to ascertain whether payments made by PR companies such as Vaishnavi and Neucom are in any way linked to sponsored media reports that have an impact on the stock markets and certain shares.
Based on complaints made by some of the targeted companies whose listed shares crumbled under the impact of dramatic front page reports or TV Channel breaking news based often on forged documents or fake SEBI orders in circulation, the PMO has directed the economic intelligence wing of the IB to give a full report on the nexus between PR agencies, some journalists, some brokers and a few top officials of corporate houses who the Government believes are manipulating the stock markets through daily spot trades.
Also under investigation are suspected diversion of funds from Vaishnavi to Magic Air as well as Sudesh Foundation an NGO in 2004, 2005 and 2006.
A key Vaishnavi aide former finance secretary C.Vasudevan has tried to get the Income Tax matter closed but so far the Investigating Officer has been immune to persuasion. Watch this space for more details on the progress of these investigations.
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5 comments:
Dear Anil Ambani,
It is quite understandable that you feel threatened by Nira Radia, and her two main clients, the Tata Group and your older brother Mukesh Ambani. After all, they tower above you and you have so much to hide - from them, the government, and us, the public. For example:
- The manner in which you manipulated shareholders during the Reliance Power IPO to enrich yourself by Rs 20,000 crore
- The way you have manipulated telecom policy and underpaid your share of revenue to government of Rs 500 crore.
- The way you continue to manipulate the telecom minister and clandestinely get a GSM license in the middle of the night, even before a policy is announced.
- The way you have illegally used $ 450 million of your External Commerical Borrowings (ECBs) to raise the price of your own companies stocks by some 700 per cent.....
The list goes on and on.
Yes, we all understand you need to deflect attention from this and hurt the credibility of the journalists who raise these issues. But even so, there is really no need to direct your fixers like Tony Jesudasan to get so personal and malicious against people. It is cheap. For better or worse, you are an icon of India. Does this mean nothing to you? Can't you be concious of your power as a role model and defend yourself in more noble and credible ways?
If you absolutely have to stoop so low, at least have the courage to afix your name or those of your 'managers' to your charges. Why this anonymous blog?
And a least try to weave some, just some, semblence of truth into your allegations, threats and wild imaginings. I am sure there is enough real stuff around with which you can use to hurt Radia, Tata, Mukesh and the journalists who write against you. Why lie?
As a interesting case study I have been monitoring what media developments have been taking place on your companies and i too have noticed how you (like a child) have been playing up and attacking your brother and competition whenever you have got hit in the media. I too will keenly watching your space for further information.
Best regards,
Sunil Kr
PS: Btw, you should be the last person wanting to raise the issue of payoffs to journalists. If your books are investigated they would shame a lot of people not only YOU. So please have the common sense to tell your fixers not to raise issues that will backfire on you.
sandipDear Rajiv. Thank you for exposing the corrupt fixing done by Nira Radia and Vashnavi. Anyone who knows the media or has worked in it knows Radia’s reputation as someone who has constantly pushed the envelope for her clients. The number of case that have been lodged against her in various Delhi courts or in courts in U.K, where she set up companies, stripped assets, and then filed for bankruptcy are by itself a damning testimony of her dubious acts. Some year ago I remember receiving a large docket of materials on how she took investor for a ride abroad with scam schemes. At that time it was alleged that Jet Airways was behind the distribution of these documents. I will watch this space as you expose the progress on her income tax cases regarding bribing the media.
regards
Sandip Mishra
Dear Rajiv
I have seen some stories on misdeeds of Anil Ambani, have a look:
Reliance Communications revenue reporting comes under Central vigilance scanner: http://www.thehindubusinessline.com/2008/12/02/stories/2008120252140100.htm
BMC panel demands BEST electricity services in suburban Mumbai:
http://www.outlookindia.com/pti_news.asp?id=648043
ED probes India connection to UBS fraud:
http://economictimes.indiatimes.com/News/News_By_Company/ED_probes_India_connection_to_UBS_fraud/rssarticleshow/3843775.cms
Regards
Sanjay
see the complaints lodged by consumer against reliance communication..
http://www.consumercomplaints.in/complaints/reliance-communications-c95662.html
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