Kalaignar TV promoter and managing director Sharad Kumar said on Monday that the Rs.200 crore Kalaignar TV received from M/s. Cineyug Pvt. Ltd. was purely a loan and not a bribe as claimed by the CBI in its charge sheet in the 2G spectrum scam, and the entire amount was repaid in due course.
In his appeal in the Delhi High Court against the special court's order rejecting his bail plea, he said: “The factum of payment and receipt of Rs.200 crore as a loan amount is also reflected in the balance sheets of both M/s. Cineyug Films Pvt. Ltd. and M/s. Kalaignar TV Pvt. Ltd.”
“I acted according to law”
His appeal said: “He has no role in the alleged conspiracy in the allocation of UAS licences, the valuable and scarce spectrum in various telecom circles and other undue favours to M/s. Swan Telecom Pvt. Ltd. (A-6) during 2007-2009. He is a director and a 20 per cent shareholder of Kalaignar TV. He has acted according to law, in the manner of administration of the company, after taking due advice from the company auditors. The transaction was a transparent and unconcealed and pure loan transaction. The amount of Rs. 200 crore received from M/s. Cineyug Pvt. Ltd. was through bank, and the same has been accounted for. The entire loan amount was repaid in due course.”
Mr. Kumar pointed out that the supplementary charge sheet itself “reveals that the initial money transfers out of the total of Rs. 200 crore by Cineyug Films Pvt. Ltd. to Kalaignar TV was made only for the acquisition of the equity shares of Kalaignar TV to the tune of 32-35 per cent of the total equity. Since the negotiation for equity shares failed, the total amount of Rs.200 crore was converted into a loan, having an interest at 10 per cent per annum as per the share subscription and the shareholder agreement, dated December 19, 2008, signed between Cineyug Films Pvt. Ltd. and Kalaignar TV Pvt. Ltd. and promoters. Both parties agreed to document the loan through ‘Inter Corporate Deposit' agreements.”
“Transparent dealing”
He said the amount was refunded with interest between December 20, 2010 and February 3, 2011 after tax deduction at source. The entire transaction was transparent and made only through bank. There was no attempt to conceal it.
He denied the allegations of his association with the accused and former Communications Minister, A. Raja, saying it was totally false, baseless and malicious. Stating that the evidence was primarily documentary, and there were no chances of it being tampered with, he sought a direction to quash to the special court's order and grant him bail.
