TV9 stake sale deal involved cash payment through hawala networks, alleges former CEO Ravi Prakash

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MUMBAI: Former TV9 CEO and Editor-in-chief Ravi Prakash has alleged that one part of the payment for TV9 stake sale deal done through hawala networks.

Prakash’s counsel Diljit Singh Ahluwalia has claimed that his client was being harassed after he made a complaint to CBI and Enforcement Directorate (ED) about the alleged hawala transaction.

The matter was being heard in Telangana High Court where Ahluwalia had appeared before Justice G Sridevi for the anticipatory bail plea of the former TV9 CEO.

Prakash’s counsel stated that the total value of the TV9 stake sale deal was Rs 500 crore of which Rs 206 crore was paid through cheque while the remaining amount was paid in cash through offshore hawala networks.

Last month, the National Company Law Tribunal (NCLT) had granted permission to SAIF Mauritius to withdraw the contempt case it had filed against IVision Media. The company informed the tribunal that it has entered into a settlement with Srini Raju and others.

On 29th April, the counsel for SAIF Mauritius informed the tribunal that they have entered into a compromise with the IVision Media and filed the Memorandum of Compromising stating that they are intending to withdraw the main petition.

Former TV9 promoter Srinivasa Raju’s Chintalapati Holdings, iLabs Venture Capital Fund, and other minority shareholders had sold their stake in Associated Broadcasting Company Pvt Ltd (ABCPL) to Alanda Media and Entertainment Pvt. Ltd. (AMEPL) totaling to 90.54% as on date in early FY19.

AMEPL is a Hyderabad based company incorporated in the year 2018 for the purpose of acquiring a stake in ABCPL. The company is promoted by a group of individuals who are related to the Hyderabad-based ‘My Home Group’ whose group turnover is around Rs. 4000 crore and Megha Engineering and Infrastructure Limited (MEIL). Both the groups have diversified business activities with huge net worth base.


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