CBI raids NDTV founder Prannoy Roy's home

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If traffic police challans u for not wearing seat belt,will u ask them to kill Zakir Musa first?

in proper words , if i am not used to watch indiatv or zeenews , my cable network would be cut next....

now tight your seat belts , we all be taken for a ride ....
 

OneGrimPilgrim

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You can always watch Doordarshan..
the same Doordarshan from which roy & ndtv sucked off like a creeper to grow much beyond their checkered lungis? (the question-mark is just superficial)

Doordarshan would be like...:

 

Abhijat

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CBI gives details of NDTV raids; here is full text of its statement

http://www.thehindu.com/news/nation...-ndtv-raids/article18730621.ece?homepage=true

The CBI on Tuesday refuted allegations of a “witch-hunt” and “a political attack on the freedom of the press”, and released a statement detailing the raids against NDTV.

The statement mentions about the “wrongful gain” made by the promoters of NDTV that arose from “their collusion and criminal conspiracy”.

ALSO READ

CBI raids Prannoy Roy for ‘cheating bank’

The statement says the case was registered “based on the complaint of a shareholder of ICICI bank and NDTV after carrying out due diligence” and that it “fully respects the freedom of press and is committed to the free functioning of news operations”.

Here is the full text of CBI statement:
'Reports in sections of the media have raised certain issues and the statement issued by NDTV has levelled certain allegations against the CBI investigation in the case relating to the promoters of NDTV and others.

It is clarified that searches have been carried out at the premises of the promoters and their offices based on search warrants issued by the Competent Court. CBI has not conducted any search of registered office of NDTV, media studio, news room or premises connected with media operations. CBI fully respects the freedom of press and is committed to the free functioning of news operations.

CBI has registered the case based on the complaint of a share holder of ICICI bank and NDTV after carrying out due diligence. Denigrating the allegations at this stage of investigation and wrongly accusing the agency of acting under pressure is uncalled for and an attempt to malign the image of the CBI. The investigation is being conducted as per the due process of law and under the jurisdiction of the Court of law. The result of investigation will be filed before the competent Court of law based on the evidence adduced during investigation.

It has been mentioned in the statement of NDTV that NDTV and its promoters have never defaulted on any loan. The allegations under investigation are not regarding the default in loan repayment; but relate to the wrongful gain of ₹ 48 crore to the promoters — Dr. Prannoy Roy, Smt Radhika Roy, M/s RRPR Holdings Pvt Ltd and a corresponding wrongful loss to the ICICI bank arising from their collusion and criminal conspiracy.

It is alleged in the complaint that the promoters of NDTV —Dr. Prannoy Roy, Smt Radhika Roy and M/s RRPR Holdings Pvt Ltd, acting in criminal conspiracy with unknown officials of ICICI bank, violated section 19(2) of the Banking Regulation Act, the Master Circular DBOD No. Dir B90/13.07.05/98-99 dated 28.08.1998 of the Reserve Bank of India and in furtherance of the conspiracy, ICICI bank took the entire shareholding of the promoters in NDTV (nearly 61 %) as collateral and then accepted prepayment of the loan by reducing the interest rate from 19 % p.a to nearly 9.5 % p.a and as a consequence thereof, causing a wrongful loss of ₹48 crore to ICICI bank and a corresponding wrongful gain to the promoters of NDTV — Dr. Prannoy Roy, Smt Radhika Roy and M/s RRPR Holdings Pvt Ltd.

NDTV in its statement questions the jurisdiction of CBI by stating that ICICI is a private bank. It is clarified that the Honourable Supreme Court in the case of Ramesh Gelli vs CBI of 2016, held that the provisions of Prevention of Corruption Act, 1988 are applicable to the officials of private banks. Therefore, CBI has jurisdiction to take up investigation of the cases of private banks.

We urge all concerned to exercise restraint and to cooperate with the investigation. CBI is committed to carrying out the investigation expeditiously and in accordance with the due process of law. CBI reiterates its commitment to the motto i.e. Industry, Impartiality and Integrity.

It is requested that the full text of the above clarification may please be telecast in your channel at the earliest / published prominently in tomorrow’s newspaper.
 

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World Media On CBI Raids On NDTV
http://www.ndtv.com/india-news/world-media-on-cbi-raids-on-ndtv-1708744






India's Central Bureau of Investigation on Monday raided the home and offices of top television executives Prannoy and Radhika Roy, co-founders of news channel NDTV, which has often clashed with Prime Minister Narendra Modi's government. In response, the network put out scathing statements and broadcasts, saying the raids amounted to a "witch hunt" and "a blatant political attack on the freedom of the press."

The raids were conducted in connection with loans from ICICI Bank taken out by the Roys, starting in 2008.

The network said the loans have been repaid, and it issued a document that appears to confirm their claim. "NDTV and its promoters have never defaulted on any loan to ICICI or any other bank," read a statement posted on NDTV's website. "We adhere to the highest levels of integrity and independence. It is clearly the independence and fearlessness of NDTV's team that the ruling party's politicians cannot stomach and the CBI raid is merely another attempt at silencing the media."

"In American media, it is considered patriotic to question and make the government accountable, here to be patriotic is to just agree with everything the government says," said Prannoy Roy, speaking to The Washington Post.

India ranks 136th on the World Press Freedom index, slipping three places since last year.

Dissenting voices are often silenced using sedition laws. More than 51 freedom of information activists have been found murdered since the law came to force in 2005.

Major corporate owners also limit the diversity of India's media: Although India has 86,000 newspapers and over 900 television channels, a handful dominate. Reliance, one of India's biggest companies, owns News-18, which dominates coverage on a number of popular TV channels and magazines.

On Monday night, NDTV aired a half-hour Hindi language broadcast, anchored by Ravish Kumar, describing the atmosphere of fear in which Delhi's news media works. "If you ever meet a journalist on these streets ask if they are afraid. They'll tell you without speaking: 'Delhi's journalists are now scared.' . . . This is the capital of fear," he said.

During the broadcast, Kumar said that had the raids not happened, his program would have focused on ongoing farmers strikes in the states of Maharashtra and Madhya Pradesh. "This is an attack on all of you," he said. "Just like this, every day, things that concern the ordinary man are pushed out of the national media.

Several editors and journalists have sharply criticized the raids. Raj Chengappa, president of the Editors Guild of India, said in a statement: "Entry of police and other agencies into the media offices is a serious matter. NDTV, in various statements, has denied any wrong-doing and termed the raids as stepping up the concerted harassment of the news channel and an attempt to undermine democracy and free speech and silence the media."

Rajdeep Sardesai, a former NDTV anchor, now a consulting editor at rival network India Today, said, "When raids are carried on a respectable public figure, on a nine-year-old investigation, questions are bound to be raised."

NDTV's news coverage has riled up members of Modi's Hindu nationalist Bhartiya Janata Party, many of whom accuse the network of being anti-BJP. Days before the raid, NDTV news anchor Nidhi Razdan had sparred with the BJP's national spokesman Sambit Patra on air and asked him to leave her show for his accusation that NDTV had an "agenda."

In November 2016, the Ministry of Information and Broadcasting had ordered an unprecedented 24-hour blackout against the network, saying its coverage on terrorist attacks at Pathankot had revealed "strategically-sensitive information." NDTV argued that its coverage was based on official news briefings and that other broadcasters that had made the same revelations were not being penalized. At the last minute, the ban was lifted.

At a news conference, India's minister of information and broadcasting said that the agency's officials were simply carrying out their duty and there was no political interference in their investigation. He said, "If somebody does something wrong, simply because they belong to media, you cannot expect the government to keep quiet."
 

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CBI gives details of NDTV raids; here is full text of its statement

http://www.thehindu.com/news/nation...-ndtv-raids/article18730621.ece?homepage=true

The CBI on Tuesday refuted allegations of a “witch-hunt” and “a political attack on the freedom of the press”, and released a statement detailing the raids against NDTV.

The statement mentions about the “wrongful gain” made by the promoters of NDTV that arose from “their collusion and criminal conspiracy”.

ALSO READ

CBI raids Prannoy Roy for ‘cheating bank’

The statement says the case was registered “based on the complaint of a shareholder of ICICI bank and NDTV after carrying out due diligence” and that it “fully respects the freedom of press and is committed to the free functioning of news operations”.

Here is the full text of CBI statement:
'Reports in sections of the media have raised certain issues and the statement issued by NDTV has levelled certain allegations against the CBI investigation in the case relating to the promoters of NDTV and others.

It is clarified that searches have been carried out at the premises of the promoters and their offices based on search warrants issued by the Competent Court. CBI has not conducted any search of registered office of NDTV, media studio, news room or premises connected with media operations. CBI fully respects the freedom of press and is committed to the free functioning of news operations.

CBI has registered the case based on the complaint of a share holder of ICICI bank and NDTV after carrying out due diligence. Denigrating the allegations at this stage of investigation and wrongly accusing the agency of acting under pressure is uncalled for and an attempt to malign the image of the CBI. The investigation is being conducted as per the due process of law and under the jurisdiction of the Court of law. The result of investigation will be filed before the competent Court of law based on the evidence adduced during investigation.

It has been mentioned in the statement of NDTV that NDTV and its promoters have never defaulted on any loan. The allegations under investigation are not regarding the default in loan repayment; but relate to the wrongful gain of ₹ 48 crore to the promoters — Dr. Prannoy Roy, Smt Radhika Roy, M/s RRPR Holdings Pvt Ltd and a corresponding wrongful loss to the ICICI bank arising from their collusion and criminal conspiracy.

It is alleged in the complaint that the promoters of NDTV —Dr. Prannoy Roy, Smt Radhika Roy and M/s RRPR Holdings Pvt Ltd, acting in criminal conspiracy with unknown officials of ICICI bank, violated section 19(2) of the Banking Regulation Act, the Master Circular DBOD No. Dir B90/13.07.05/98-99 dated 28.08.1998 of the Reserve Bank of India and in furtherance of the conspiracy, ICICI bank took the entire shareholding of the promoters in NDTV (nearly 61 %) as collateral and then accepted prepayment of the loan by reducing the interest rate from 19 % p.a to nearly 9.5 % p.a and as a consequence thereof, causing a wrongful loss of ₹48 crore to ICICI bank and a corresponding wrongful gain to the promoters of NDTV — Dr. Prannoy Roy, Smt Radhika Roy and M/s RRPR Holdings Pvt Ltd.

NDTV in its statement questions the jurisdiction of CBI by stating that ICICI is a private bank. It is clarified that the Honourable Supreme Court in the case of Ramesh Gelli vs CBI of 2016, held that the provisions of Prevention of Corruption Act, 1988 are applicable to the officials of private banks. Therefore, CBI has jurisdiction to take up investigation of the cases of private banks.

We urge all concerned to exercise restraint and to cooperate with the investigation. CBI is committed to carrying out the investigation expeditiously and in accordance with the due process of law. CBI reiterates its commitment to the motto i.e. Industry, Impartiality and Integrity.

It is requested that the full text of the above clarification may please be telecast in your channel at the earliest / published prominently in tomorrow’s newspaper.
when the cbi going to give details of delhi CM's office raids....?

are we fools , don't even think so !!!
 

OneGrimPilgrim

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something that i had missed to share here earlier....

Not Black Or White: How To Separate The Rights And Wrongs In NDTV Case


Since few people believe that a “caged parrot” can act on its own, one should surely question the political wisdom of launching a high-profile raid by the Central Bureau of Investigation (CBI) on the premises of Radhika and Prannoy Roy, promoters of the NDTV Group. One wonders if discreet enquiries and private interrogations should not have preceded these “raids”.

However, one should also doubt NDTV’s claims that “this is a blatant political attack on the freedom of the press as sources confirm that, under pressure, the CBI has been compelled to file an FIR based on a shoddy complaint by a disgruntled former consultant at NDTV called Sanjay Dutt, who has been making false allegations and filing cases in courts of law with these false allegations.”

Whether this is indeed an “attack” on press freedom or whether Dutt’s allegations are indeed “false” will be proven only when the investigations are completed, and when the matters land up in court. Till then we only have NDTV’s claims to go by, which too seem to be based on unidentified “sources”. Anonymous sources are not the best way to establish credibility in journalism.


The problem is neither the CBI nor NDTV may emerge in this case smelling of roses. The main thrust of CBI’s case seems to be that NDTV settled a Rs 375 crore ICICI Bank loan that was originally contracted at 19 per cent at Rs 350 crore. Apparently, the “haircut” in interest rates and principal accepted by ICICI Bank to settle the loan is now being treated as “loss” to the bank a loss quantified as Rs 48 crore. This may not quite stick, for bank loans routinely go bad based on mistimed lending decisions. Most banks accept haircuts based on their own assessments about whether settling now is better than letting the loan accumulate further and facing the possibility of a bigger loss.

So, the CBI will have to produce other reasons to doubt the validity of this settlement. Unfortunately for NDTV, there are real reasons to doubt the financing was kosher, as documented by Caravan magazine in a late 2015 expose. The article threw light on the use of shell companies and indirect corporate funding that enabled Prannoy and Radhika Roy to buy back a lot of their own shares through an open offer in 2008 (read the full Caravan story here).

The Roys got into a financial soup by raising too much money from corporate sources at the wrong time. As Swarajya wrote then, based on the Caravan article, “NDTV’s financial problems can be traced to a Rs 501 crore loan raised from Indiabulls Financial Services by its promoters to buy back a 7.7 per cent stake from GA Holdings at a hefty price of Rs 400 a share (in 2007) when the market was about to crash post-Lehman Brothers. To repay this loan, they took another loan of Rs 375 crore, this time from ICICI Bank, by pledging all their personal holdings and the shares held by Radhika Roy Prannoy Roy Holdings Pvt Ltd (RRPR, in which they held about 61 per cent of the total shareholding); to repay the bank, they took another loan of Rs 350 crore from a company called Vishvapradhan Commercial Pvt Ltd (VCPL), which, in turn, had raised money from one of Reliance Industries’ subsidiary companies.”

An Indian Express report today (6 June) tells us that even though NDTV (or, rather, RRPR) paid off first the Indiabulls loan, and then the ICICI Bank loan, it still owes VCPL Rs 403.85 crore as of date. This gives VCPL, now partly owned by a company linked to Mahendra Nahata, Eminent Networks, the right to convert its loans into RRPR equity. Since RRPR owns 29.18 per cent of NDTV, which is a listed entity, it means Nahata and another company called Nextwave Televentures, which also is co-owner of VCPL, gets to own a large chunk of NDTV at a time of their choosing. Nahata, incidentally, also has a Reliance link. He is a director of Reliance Jio.

The Nahata-Reliance link goes even deeper. In 2010, Nahata’s son Anant won 22 circles in the broadband wireless access (BWA) spectrum auction for Rs 12,848 crore, and Ambani bought control of Anant’s company Infotel Broadband for Rs 4,800 crore within hours of that winning bid. Mukesh Ambani’s re-entry into telecom after first ceding Reliance Communications to brother Anil Ambani during a family division of assets was thus facilitated by Nahata. Nahata is unlikely to have bid so high for BWA spectrum without some understanding with Ambani.

The question to ask is this: why would businessmen put in big money to bail out a floundering media vessel, where the chances of profitability are low? Was it just out of concern for preserving great journalism? Or for greater control of media narrative? Or to oblige the then powers that be for whom NDTV’s survival was important?

We cannot know the real answers for sure, but we do know that the UPA period was marked by crony capitalism and huge corruption on everything from spectrum to coal allotments.

The facts as they stand now are clear: NDTV needed corporate money to bail them out of a spot. They got one benefactor after another, some acting through shell companies. The ultimate benefactor appears to have been Reliance – or a person linked to them, the Nahatas.

This is why the point about attacks on press freedom wears thin.

If you are beholden to a corporate behemoth, whether directly or indirectly, whether for a short period or a long time, what is the basis for claiming complete editorial independence?

Editorial freedom is not just threatened by government pressure, but corporate ownership or dependence on advertising.

There is one more point to make: while it is quite possible that the Roys were raided for reasons of vendetta or for piling on pressure on a media group that has been hostile to the Bharatiya Janata Party, in the context of the Modi government’s recent crackdown on shell companies, it would equally be possible that the shell companies that helped bail out NDTV may have come under scrutiny. This could be a partial explanation for the question why now?

Multiple explanations are thus possible. This is not a black-and-white case of pure vendetta and attack on media freedom. Nor is it likely to be just a case of the CBI investigating wrongdoing, and happening to stumble on the NDTV’s money channels.

Media houses that claim the right to investigate the high and mighty must equally be subject to the same scrutiny that they think powerful people ought to subject themselves to. The media is not exactly a lightweight when it comes to wielding power. Power must be backed by accountability, whether it is government or media or even the judiciary.

So when NDTV claims in a statement that it is vendetta, and points out that “lakhs and crores of rupees have not been paid by several industrialists and no criminal case has yet been registered against any of them”, it defies logic. The law does not proceed against alleged wrongdoing in a descending order of the size of the wrongdoing. It goes after who it can, and in no particular order. Quite apart from the misstatement that “no criminal case” has been registered against any big businessman (Vijay Mallya being exhibit A to disprove this point, and raids have been conducted against other businessmen, including the son of P Chidambaram), NDTV really needs to focus on clearing its name. Who else is being targeted or not targeted does not lessen its own culpability, assuming it has indeed something wrong.

Between January 2008, when the NDTV share achieved a peak, and now, when it quotes at Rs 58 a share, the company has destroyed 85 per cent of its value.

The market value of NDTV today (around Rs 375 crore) is far less than what RRPR owes its biggest creditor, VCPL. Roys are no longer the effective owners of NDTV. It is sad to see true pioneers in India’s TV news industry having to face such ignominy towards the fag end of their careers. But the lesson in it all is humbling. Media is not above the law. When media becomes unviable, true freedom needs you to check the colour of the money you are receiving.

Perhaps this is what Prannoy and Radhika are coming to rue.



 

OneGrimPilgrim

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World Media On CBI Raids On NDTV
http://www.ndtv.com/india-news/world-media-on-cbi-raids-on-ndtv-1708744






India's Central Bureau of Investigation on Monday raided the home and offices of top television executives Prannoy and Radhika Roy, co-founders of news channel NDTV, which has often clashed with Prime Minister Narendra Modi's government. In response, the network put out scathing statements and broadcasts, saying the raids amounted to a "witch hunt" and "a blatant political attack on the freedom of the press."

The raids were conducted in connection with loans from ICICI Bank taken out by the Roys, starting in 2008.

The network said the loans have been repaid, and it issued a document that appears to confirm their claim. "NDTV and its promoters have never defaulted on any loan to ICICI or any other bank," read a statement posted on NDTV's website. "We adhere to the highest levels of integrity and independence. It is clearly the independence and fearlessness of NDTV's team that the ruling party's politicians cannot stomach and the CBI raid is merely another attempt at silencing the media."

"In American media, it is considered patriotic to question and make the government accountable, here to be patriotic is to just agree with everything the government says," said Prannoy Roy, speaking to The Washington Post.

India ranks 136th on the World Press Freedom index, slipping three places since last year.

Dissenting voices are often silenced using sedition laws. More than 51 freedom of information activists have been found murdered since the law came to force in 2005.

Major corporate owners also limit the diversity of India's media: Although India has 86,000 newspapers and over 900 television channels, a handful dominate. Reliance, one of India's biggest companies, owns News-18, which dominates coverage on a number of popular TV channels and magazines.

On Monday night, NDTV aired a half-hour Hindi language broadcast, anchored by Ravish Kumar, describing the atmosphere of fear in which Delhi's news media works. "If you ever meet a journalist on these streets ask if they are afraid. They'll tell you without speaking: 'Delhi's journalists are now scared.' . . . This is the capital of fear," he said.

During the broadcast, Kumar said that had the raids not happened, his program would have focused on ongoing farmers strikes in the states of Maharashtra and Madhya Pradesh. "This is an attack on all of you," he said. "Just like this, every day, things that concern the ordinary man are pushed out of the national media.

Several editors and journalists have sharply criticized the raids. Raj Chengappa, president of the Editors Guild of India, said in a statement: "Entry of police and other agencies into the media offices is a serious matter. NDTV, in various statements, has denied any wrong-doing and termed the raids as stepping up the concerted harassment of the news channel and an attempt to undermine democracy and free speech and silence the media."

Rajdeep Sardesai, a former NDTV anchor, now a consulting editor at rival network India Today, said, "When raids are carried on a respectable public figure, on a nine-year-old investigation, questions are bound to be raised."

NDTV's news coverage has riled up members of Modi's Hindu nationalist Bhartiya Janata Party, many of whom accuse the network of being anti-BJP. Days before the raid, NDTV news anchor Nidhi Razdan had sparred with the BJP's national spokesman Sambit Patra on air and asked him to leave her show for his accusation that NDTV had an "agenda."

In November 2016, the Ministry of Information and Broadcasting had ordered an unprecedented 24-hour blackout against the network, saying its coverage on terrorist attacks at Pathankot had revealed "strategically-sensitive information." NDTV argued that its coverage was based on official news briefings and that other broadcasters that had made the same revelations were not being penalized. At the last minute, the ban was lifted.

At a news conference, India's minister of information and broadcasting said that the agency's officials were simply carrying out their duty and there was no political interference in their investigation. He said, "If somebody does something wrong, simply because they belong to media, you cannot expect the government to keep quiet."
and thats the best they can come up with in their defence, which has been evident since long now, the bogeys & props of 'FoF/E' & 'democracy'...the same things which they were blatantly misusing till now, including during the partying they were doing on their 10th anniversary in of all the places, the Raashtrapati Bhavan.
 

zala09

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thousends of crores of public banks are non recoverable , never cbi took any action , why then so much action for a private bank loan recovery ?
ndtv does suffering losses , they resently decided to stop their bussiness channal ndtv profit , due to lack of advertisements , same is the case for ndtv .....

media was never so biased as i am seen them now.....

ndtv is fighting a lone battle....

my best wishes for them..!!!

yes offcourse thousands like this...
hope u dont talking about vijay malya..

i think here is deep thinkable question!
A media House under raid ../ posiibly after raid it will out clean..its a investigation time ... why ur gone directly at last rsult?

NDTV has many history like this so CBI Investigating..thtats it..

why u thinks tht its a Govt Conspiricy against Media!....?
No........
 

porky_kicker

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thousends of crores of public banks are non recoverable , never cbi took any action , why then so much action for a private bank loan recovery ?
ndtv does suffering losses , they resently decided to stop their bussiness channal ndtv profit , due to lack of advertisements , same is the case for ndtv .....

media was never so biased as i am seen them now.....

ndtv is fighting a lone battle....

my best wishes for them..!!!
i always try to avoid aholes like u

but let me make an exception here

using ur fuuking logic above,
lets say a ahole molested a girl and since there r thousands of molestation cases already pending / not investigated , so the law must not prosecute the molester in this case also.

people like u are a bane to every society , reason why terrorist , rapist , murderers , fraudsters escape under the guise of misplaced and bigoted sympathies.

ur worse than a porky
 

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had the CBI really raided the Delhi CM's office?! or because the crywolf had claimed so that we were led to or must 'believe' it?
after a year you would have same for this too.....ooo it was prannoy roy claiming that only !!!
 

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why u thinks tht its a Govt Conspiricy against Media!....?
No........
no , it was not against media , just those who still not tamed !!!

and it all started with this....

 
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OneGrimPilgrim

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after a year you would have same for this too.....ooo it was prannoy roy claiming that only !!!
why wait for an year? the cries were lies then, as they're now. and why should we make distinction between crywolves, be it kejriwal or the roys?
 

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i am not totally agree with the attitude of nidhi razdan , nor i am agree with samnit patra......the issue with everybody today is that we all wants to dominate others .....tame others.....media thinks they are the king , same with the people on power seats......everybody just concentrating on what they can do , but not on what thay should do.....

6 people killed during rampal arrest......tell me who is responsible ?
 
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Neil

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for anyone claiming that BJP took action against NDTV after the public spat between Patra and Razdan is being ignorant of the fact that BJP leaders have routinely clashed with NDTV. Nothing to do with recent raids.

Also no matter your political affiliation or leaning, NDTV was anti national to say the least. Making a martyr out of wani, is by no means journalism or press freedom.
 

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