Kalaignar TV denies link with 2G spectrum scam

The agencies probing the scam have charged that a
Rs 214 crore loan was given by ‘Dynamix Realty’, a subsidiary of ‘DB Realty’, through ‘Cineyug Films’ to ‘Kalaignar TV’ in a complicated money transaction and suspect that amount to be part of the 2G kickbacks.

Referring to these reports, ‘Kaliagnar TV’, in which DMK patriarch Karunanidhi’s wife Dayalu Ammal and daughter Kanimozhi are shareholders, denied there was any irregularity in any money transaction traced to some companies now allegedly linked to the 2G spectrum case of 2007-08.

In a statement, Sarath Kumar, Managing Director of ‘Kalaignar TV’, floated as a rival to ‘SUN TV Network’ by the DMK’s first family, said the cash transaction between Mumbai-based ‘Cineyug Films’ and the former TV channel in 2009 was an above board transaction, which had been reported to the Income Tax (I-T) Department.

Sarath Kumar said that Cineyug Films had initially given some amount as advance to pick-up stakes in ‘Kaliagnar TV’. But as “both firms differed in the evaluation of the price of the shares at which the buy-in was contemplated, Rs 200 crore that was given till August 2009 was then converted as loan,” he said. However, subsequently, ‘Kalaignar TV’ repaid the entire loan amount along with interest of up to Rs 31 crores and the income tax for the whole proceeds was also “duly paid”.

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