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CBI is welcome to inspect books, says Kalaignar TV

Posted by on February 16, 2011 0 Comment

Chennai, Feb 16 (IANS) Chennai-based Kalaignar TV Pvt Ltd, floated by the family members of Tamil Nadu Chief Minister M. Karunanidhi, Wednesday welcomed investigative agencies to verify its books and documents.

“The Central Bureau of Investigation (CBI) or Income Tax Department (IT) can inspect our books and documents any time they want. We do not have any objection to that,” the channel’s managing director Sharad Kumar said in a statement here.

Referring to his Feb 10 statement, where he had clarified that Kalaignar TV had no connection with the 2G spectrum allocation made in 2007-08 and the loan transaction with Cineyug Films Pvt Ltd in 2009, he said: “Despite the clarification, the CBI has mentioned about the loan transaction in the court.”

The CBI has alleged a connection between Swan Telecom’s Shahid Usman Balwa and Kalaignar TV.

Seeking further remand of Balwa, the CBI claimed before the court that Balwa was favoured by former union communications minister Andimuthu Raja in the allocation of spectrum.

According to Kumar, Cineyug gave some money as advance towards the acquisition of stakes in Kalaignar TV in 2009.

“Owing to the differences in valuation of the shares of two companies, a sum of Rs.200 crore received till August 2009 was considered as a loan and was paid back by Kalaignar TV along with an interest of Rs.31 crore,” Kumar said in a statement earlier.

He also said the transaction was reported to the Income Tax Department and the relevant tax had been paid.

Karunanidhi’s wife Dayalu and daughter Kanimozhi are the major promoters of the company that owns the Kalaignar TV channel.

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