What was the provocation for the alleged sudden raids by the Income Tax department authorities on the My Home Group headed by Jupalli Rameshwara Rao, a close associate of Telangana Rashtra Samithi president and chief minister K Chandrasekhar Rao?
According to the reports doing rounds in the media circles, the raids were the fallout of an e-mail written on May 19 by V Ravi Prakash, former chief executive officer of popular Telugu television channel TV9, the management of which was taken over by Alanda Media and Entertainment Limited, owned by Rameshwar Rao.
In the complaint, Ravi Prakash passed on certain information pertaining to My Home Group that allegedly committed offences under Sections 120-B, 420, 468 and 471 of Indian Penal Code, besides 66 D of the Information Technology Act and Prevention of Money laundering.
There have been reports that Ravi Prakash had, in the recent past, come closer to the Bharatiya Janata Party bosses in Delhi and managed to escape arrest by the police, thanks to the support extended by the BJP government at the Centre.
So, when Ravi Prakash wrote the letter, the BJP government took it seriously and ordered an inquiry by the Income Tax department, sources said.
Here is the text of the complaint:
“SAIF III Mauritius Company Ltd (“Saif”) in conspiracy with IVision Media Pvt. Ltd (“I Vision”), Chintalapati Srinivas Raju (CSR), Director IVision, Chintalapati Holdings Pvt. Ltd. (CHPL), ILabs Venture Capital Fund (ILabs), Alanda Media & Entertainment Pvt Ltd, Jupally Rameshwar Rao, K Kaushik Rao, MP Arjun Rao, K Preetham, Prem Kumar Pandey, Pulluri Kaushik Rao, J Jagapathi Rao, S. Sambasiva Rao and unknown others, have committed offences under the above sections.
Saif had invested Rs 50,37,59,706 in IVision vide Share Subscription Agreement dated 06.08.08 between IVision, Chintalapati Srinivas Raju, Director IVision and Chintalapati Holdings Pvt. Ltd. (CHPL) on the assurance that this company will merge with Associated Broadcasting Company Ltd (ABCL) and they would get 40,000 compulsorily convertible preference shares in ABCL. This amount was transferred by CSR to ABCL showing it as an interest free loan.
SAIF filed Company Petition No 148/2018 before the NCLT, Hyderabad Branch claiming over Rs 350 crs from IVision and ABCL. In order to escape from the liability, CSR, vide Share purchase agreement dated 24.08.18, sold his nearly 90% shareholding of ABCL through his companies CHPL and Ilabs to Alanda Media & Entertainment Pvt Ltd.(Alanda) at a price of nearly Rs 500 crs with nearly Rs 206 crs being in cheque and balance Rs 294 crs in cash.
However, the transaction could not close before National Company Law Tribunal (NCLT), Hyderabad passed an interim order dated 04.09.18 directing not to alienate or sell the shares and assets of ABCL company, in spite of which transfer was carried out whereby SAIF filed contempt petition.
Thereafter, as a part of the conspiracy, secret negotiations were held by Alanda, 4 illegal Directors of ABCL, representatives of SAIF and unknown others wherein it was discussed that since the initial investment made by Saif was in violation of FEMA, not even a penny out of the sale consideration of nearly Rs 350 crs could ever be repatriated by Saif.
With the illegal object to circumvent the laws, the accused agreed to make about Rs 60 crs official payment to Saif (which money was to remain in India) and the balance Rs 290 crs was delivered to them abroad through the hawala route.
Having arrived at this illegal agreement, SAIF officials on 29.04.19 before Hon’ble NCLT pressed for withdrawal of the company petition on the basis of their written compromise with IVision, the copy of which they refused to share even with the Hon’ble NCLT.
Then on 10.05.19, Saif filed a withdrawl application at NCLT on the basis of an out of court settlement with IVision, refusing to share the settlement with me (Ravi Prakash), wherein I am Respondent No. 5 saying that the out of court agreement was confidential. This they did as they knew well that if that was shared, then their illegalities would be exposed.
ABCL is a media channel. I have received information that this Rs 290 crs hawala transaction is being done through the same channel which was used for earlier funding for terror groups in Kashmir.
It is requested that FIR be registered for offences u/s 120 B r/w 420, 468, 471 IPC, S. 66-D Information & Technology Actand Prevention of Money Laundering Act and investigation be carried out as per law.”
