Sanjay Dutt, from ‘family relations’ with NDTV’s Roys to complainant

Over the years, Dutt has filed a series of complaints against NDTV’s promoters alleging tax fraud, money laundering and FEMA violations.

Written by Rahul Tripathi | New Delhi | Updated: June 7, 2017 8:26 am
Complainant Sanjay Dutt maintained that he had never defamed NDTV and that his allegations were only against Prannoy Roy, Radhika Roy and their company.

At Greater Kailash’s upscale M-block market, chartered accountant Sanjay Dutt, 50, runs a stockbroking firm, Quantum Securities Pvt Ltd. Dutt as well as his partner Sanjay Jain had been with NDTV as financial consultants in 2006 but fell out with it within two years.

Over the years since then, Dutt has filed a series of complaints — so has Jain — against NDTV’s promoters with the income tax department, SEBI, the Ministry of Corporate Affairs and the Enforcement Directorate, alleging tax fraud, money laundering and FEMA violations.

It was on one of Dutt’s complaints that CBI registered an FIR against NDTV founders Radhika Roy and Prannoy Roy, their company RRPR Holdings P Ltd and ICICI Bank, leading to raids on the Roys’ premises. Dutt’s complaint accuses the Roys of criminal conspiracy to dupe ICICI of Rs 48 crore — an amount that Dutt has calculated on the basis of an ICICI loan of Rs 350 crore to RRPR in 2008-09.

Dutt himself, along with his wife Prenita and brokerage firm, was fined Rs 48 lakh by SEBI in January 2013, over charges of fraudulent and unfair trade practices. Dutt was also examined by the CBI Tuesday, apparently in connection with his complaint.

In a statement, NDTV has described Dutt as a “disgruntled former consultant” and his complaint as “shoddy”. It said he “has been making false allegations and filing cases in courts of law with these false allegations. So far, he has not obtained a single order from any of these courts.”

Asked about this, Dutt said, “The matter is sub judice before the court and investigating agencies have started their probe. I would not like to make any comment.”

For his part, Dutt claims to have had family relations with the Roys. In a statement to the deputy commissioner of income tax on July 7, 2015, in connection with one of his complaints, Dutt had said he “had family relations with Dr Prannoy Roy and Radhika Roy for over 30 years and he studied with Vikramaditya Chandra, group CEO, in Doon School during the period 1977-80”.

Dutt had launched Quantum Securities in 1993-94, as per official records. According to a statement he submitted to the income tax department, the company at one point held shares of NDTV ranging from “100 to 17,00,000 in number at various times and in 2006-07, the value of his shareholding was more than Rs 70 crore”. The statement claims he was part of the core group led by Chandra, in active consultation with PriceWaterhouseCoopers and KPMG, which included the Roys and “Mr Rao” (K V L Narayan Rao) and this group was referred to as ‘Nines’.

In his depositions made before public authorities, Dutt has stated that he and Jain quit NDTV as he became aware that “the real purpose was to route the money without any intention of paying taxes and in violation of various legal provisions”.

Dutt, who split from NDTV in 2008, filed his first complaint against the promoters in March 2013, with the Ministry of Corporate Affairs, according to the ministry.

He has since complained to SEBI, the income tax department and the ED, and approached Delhi High Court where the matter he raised is listed as “pending”. In May 2016, Dutt filed a complaint with Delhi police’s Economic Offence Wing. Asked about it, Dutt this, “I have filed the complaint to Delhi police. It is still pending with them.”

In November 2014, following a complaint by NDTV, Bombay High Court had issued an order restraining Quantum Securities and Dutt from issuing or publishing any defamatory content against NDTV. Dutt maintained that he had never defamed NDTV and that his allegations were only against Prannoy Roy, Radhika Roy and their company.

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  1. N
    Nationalist
    Jun 9, 2017 at 11:03 pm
    Case seems to be genuine. Shame on those people who publicised this as an attack on Freedom of Speech. Law is equal for all, whether he/she is mediaperson or someone else.
    Reply
    1. R
      rajan
      Jun 8, 2017 at 4:38 am
      Sanjay Duty split from NDTV in 2008. Took five years to lodge the complaint. CBI takes three more years before raiding Roy's residence. Doesn't its timing say anything about this drastic action? Remember, ICICI has not lodged any complaint. If they were fleeced, the aggrieved party should have lodged the case. But no, it's Sanjay Dutt, the ex-CA of NDTV who realises the nefarious designs of the latter five years after parting of ways. The CA is not even sticking to professional ethics whereby he is not supposed to divulge the dea s of his ex-clients.
      Reply
      1. S
        Srhari
        Jun 12, 2017 at 6:22 pm
        Sir, the case is not for Repayment of Loan. Lols if you think that was the case. How innocent that they are showing proof of repayment. Why will CBI get in if its a matter of a loan default, unless its a fugitive like Mallya and Modi.
        Reply
      2. M
        Mahesh
        Jun 8, 2017 at 12:50 am
        I trusted NDTV before I taught it was the channel which used to promote only true news without compromising on his quality. Now after this incident I lost trust in them I think all news channels are like that they fool people for the sake of money and just take people of this country for granted I think we people should boycott these kind of news channels
        Reply
        1. R
          rajan
          Jun 8, 2017 at 4:09 am
          Your changing opinion about NDTV with this one incident reflects your gullibility. Or are you trying to wean the people away from NDTV by casting doubts in their minds about its credibility? No point running a Kangaroo court. The truth will prevail.
          Reply
        2. A
          Awadh
          Jun 7, 2017 at 11:54 pm
          it is a good beginning. apart from big fishes like mallya, there are scores of small and medium defaulters who remain hidden from the public eye, nonetheless the amount they devour collectively would be much more than the mallyas and his ilk. this step would put fear in those leeches. good decision by the CBI!!!
          Reply
          1. R
            rajan
            Jun 8, 2017 at 4:21 am
            No doubt the establishment is corrupt because we are no saints either. Yes, there are umpteen number of defaulters as many bankers themselves are steeped in corruption. Yet dubbing anyone as a prowler is being presumptuous. Let the truth prevail by not indulging in media trials.
            Reply
          2. P
            PRATEEP SENGUPTA
            Jun 7, 2017 at 4:49 pm
            Just tell me one thing Mr. Experts: since when our CBI is bothered to deal the cases involving a private bank? If the CBI is investigating a case to dupe ICICI Bank of Rs.48 crores what about Vijay Mallya, Adani and Ambani who too have duped nationalized banks so far and their individual amounts are thousands and lakhs crores of rupees? CBI's credibility is always under clout. What happened to TMC leaders caught in Rose Valley and Sharadha scams? Why CBI is going slow on them? To make the TMC reach an understanding with the BJP. I am not bothered if NDTV gets caught for financial irregularities but then rule must apply to all equally. Trollers and chaddiwalas may be happy because Sambit Patra was turned out from the NDTV show. But the symptoms are not good for democracy. In 1975, the same type of sycophants helped Indira hi to throttle democracy.
            Reply
            1. A
              Awadh
              Jun 7, 2017 at 11:56 pm
              hold your horses mr. sengupta. trust modi.
              Reply
              1. R
                rajan
                Jun 8, 2017 at 4:00 am
                Modi & trustworthy, poles apart
              2. S
                Srhari
                Jun 12, 2017 at 6:25 pm
                Lols. this is not a case of loan default. I pity the people commenting on without knowing what the case is all about just for the sake of you know.... This is a case of Money laundering.
                Reply
              3. K
                Kamlesh
                Jun 7, 2017 at 4:48 pm
                Any company or individual need to keep the records of there BOOKS for five years as per the IT act and a complain is registered after 9 years (2008 to 2017) itself is sufficient to understand that there is some wrong in the w case. ICICI bank is a private bank and why it did business as XYZ price or XYZ interest rate cannot be questioned by a governing body. If ICICI is getting some big business from same client they may have discounted interest rate and that can never be consider as fraud. Recently ICICI bank charged me annual fees on credit card and on negotiation with bank against the transaction done ICICI waived off the processing fees does it mean that ICICI conducted a fraud and CBI will now raid my office? Discount and negotiation is part of business. In fact this raid raises great concern against the law enforcement agencies. The recent India TV undercover report of UP police demanding money to register wrong cases and putting anyone in jail has further raise question.
                Reply
                1. R
                  R S
                  Jun 7, 2017 at 1:19 pm
                  This is the "Socialistic Credibility" of communists like Pranoy Roy. Let him not shout and take a shadow under the so called "media" and face charges. He can indulge in fraud but when agencies take action, talk about democracy. By raiding him which democracy has been destro . This is the standard slogan of communists who actually don't believe in democracy. They want nationalize every thing in the country. Why not nationalize NDTV, SUN TV and so on.
                  Reply
                  1. D
                    Damodar Biswal
                    Jun 7, 2017 at 1:04 pm
                    What is the problem? If Roy is innocent, let him face the probe.No body will falsely implicate him.Why making noise like Mayawati?
                    Reply
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