Kalaignar TVDares, CBI Bares!
Karunanidhi family.
Yesterday I indicated the same.
Wait till Kanimozhi is called in.
Sordid saga continues.
Chennai: The Central Bureau of Investigation (CBI) today raided the office of Kalaignar TV, a Chennai-based channel closely linked to the DMK, as part of its investigations into the 2G scam.
The raids were carried out early in the morning and are in connection with the money trail in the 2G scam. The CBI suspects that some amount of payoffs in the scam may have been diverted to the channel.
The investigating agency had alleged last week that a Rs. 200-crore cheque was sent from Mumbai to Chennai in 2009 which ended up with Kalaignar TV, which is owned largely by the family of M Karunanidhi, the Chief Minister of Tamil Nadu. His second wife, MK Dayaluammal, owns 60 per cent stake in the channel and his daughter Kanimozhi owns another 20 per cent.
Kalaignar TV clarified that Cineyug invested the money for buying Kalaingar’s shares, which later fell through due to differences in valuation, following which Kalaingar TV treated that money as a loan and repaid it with a 31 crore interest.
Widening the ongoing probe into the alleged 2G spectrum scam, the Central Bureau of Investigation (CBI) may call for questioning Kanimozhi, Rajya Sabha member and daughter of Tamil Nadu Chief Minister M. Karunanidhi, and Sharad Kumar, Kalaignar TV’s managing director. They hold 20 per cent equity each in “Kalaignar TV Private Limited” which is alleged to have received funds to the tune of over Rs. 200 crore from Mumbai.
During its probe being monitored by the Supreme Court, the CBI stumbled upon the alleged transfer of over Rs. 200 crore from Cineyug of Mumbai to Kalaignar TV. It stated before the Special Judge on February 14, 2011 that the funds were arranged by Cineyug Films Private Ltd. to Kalaignar TV Private Ltd., which belongs to Sharad Kumar and others who are closely associated with the former Telecom Minister, A. Raja, who has now been sent to judicial custody after sustained interrogation in the case.
The CBI stated that the funds were arranged by Cineyug Films from Shahid Balwa’s DB Group, the promoter of new operator Etisalat DB and one of the main beneficiaries in the 2G scam, in which the family members of Mr. Balwa were the directors/shareholders.
“As of this moment, we have not taken any decision…but we may call Kanimozhi and Sharad Kumar in the days to come for seeking clarifications from them and questioning them regarding transfer of funds to Kalaignar TV,” authoritative sources within the CBI told The Hindu on Thursday.
On the other hand, Mr. Kumar has, in a statement, said the channel would have no objection to its accounts and documents being verified by the agencies.
A day after questioning Reliance ADA Group head, Anil Ambani, the CBI on Thursday questioned Essar Group CEO Prashant Ruia in the 2G case. CBI sources said that during Wednesday’s questioning, Mr. Ambani and Mr. Raja were confronted with each other.
http://www.hindu.com/2011/02/18/stories/2011021853261200.htm
THE EXACT NATURE OF THE 2G CORRUPTION SCANDAL – HOW THE TRANSACTION WAS STRUCTURED AND HOW DB REALTY BRIBED THE DMK.
What follows is a description of the corruption bribe from a transaction perspective.
Raja did a favour by giving DB realty a license dirt cheap. DB in turn sold at a hugh profit, by flipping it (selling it immediately) to Etisalat.
Raja and the DMK had to be paid for their corruption. This was done through a henchman and fixer, Sharad Kumar MD of Kalaignar TV (KTV) . KTV , in turn, is owned by the DMK chief Karunanidhi, through his wife and daughter, with Mr. Kumar also having a stake
So the valuation of Kalaignar TV was artifically exaggerated and DB Realty through a shell company took a stake at an exaggerated value in Kalaignar TV. Thus the bribe entered the DMK family. If ure company is worth Rs 100 and I buy 10 %, I pay Rs 10. But If i exaggeratedly value ure company at Rs 600 and I buy 10 %, I pay Rs 60. The difference ( 60 – 10 = 50) is the extent of the bribe and the corruption.
Imagine a media channel that is a propaganda mouthpiece for the DMK with no advertising revenue support, basically a new three year old startup with no profits, being given a valuation of close to Rs 800 crores !
When the scam broke, Kalaignar TV and the DMK unwound the transaction. They immediately returned the money and claimed the deal fell through ! What utter nonsense. If the deal fell through, why did the money enter the firm in the first place ? Only after a deal concludes is the money paid.
Now Sharad Kumar, a corrupt crook, claims he did not know the source of the money that was used to take a stake in his firm ! Which businessman will believe that. This is basic due diligence.
See the extent of the corruption. The irony is that Sharad Kumar was Mr. Marans fixer. Now hes Karunanidhi’s fixer. What is going on here. The people deserve better.
balu
February 18, 2011 at 11:27