By S Gurumurthy
source: NEW INDIAN EXPRESS
Image Courtesy: Rameshng/Wikimedia Commons
The New Indian Express came across through Twitter, Vasan's one line denial of its exposé ("PC, Vasan Eye Care and Rs 223-cr Black Money" Sept 17, 2015) in a posting by Vasan in its business page on Facebook. Headlined "A note for all", Vasan said in the post, "We vehemently deny the malicious and baseless allegations against our Company in the article." For the rest, the FB post talked about how credible the Vasan board of directors is and how huge are the eye care services provided by it — neither of which was the subject of the NIE exposé. The same note minus the headline was addressed to the Editor of The New Indian Express on Thursday afternoon by fax. Since the note-turned "reply" talks about malicious and baseless allegations in the article, this paper wants to know what those allegations in the article are. The so-called reply is deafeningly silent on every critical question thrown up by the exposé. Here are some of the questions raised by the exposé which Vasan has to answer.
Who is J Dinakaran and what is JD Group?What is Vasan's relation with JD Group?
Did Vasan not receive Rs 8.56 cr as interest-free loan from JD Group?Why did JD Group have to give interest-free loan to Vasan?
Did Dr Arun receive hundreds of crores of black money from JD Group?Did JD Group not tell Vasan about the I-T search on them in Dec 2014?
If not, was Vasan unaware of the raid till September 17, 2015?Who is Dwarakanathan?
Did Vasan not allot 3 lakh shares to Dwarakanathan on October 28, 2008, at a premium?Did he not transfer 1.5 lakh out of it within 48 hours, reportedly at a loss of Rs 1.5 cr to a company controlled by Karti Chidambaram?
● Were the turnover figures of Vasan mentioned in the article correct?● Can you explain how the top-line pole-vaulted from Rs 16 crore in the earlier year to Rs 311 cr in 2010-11, to Rs 462 cr in 2011-12 and to Rs 604 cr in 2012-13?
● Did Vasan file balance sheet for 2013-14 due in Sept 2014 and when did it file it with company law authority?● Has it not filed the Income tax return for 2013-14 in 2014?
● How did it file tax return without the balance sheet?● Did Vasan default in paying tax deducted at source of Rs 19.22 cr?
● Did Vasan not know it is a serious offence which can send Dr Arun to jail?● Who gave Vasan the assurance no prosecution will be filed?
● Who advised Vasan to write to the CBDT for time to pay the amount?● Did Vasan's representative meet the CBDT chairman?
● Was Vasan not valued at $1 billion in 2014 by Fitch?● Did Vasan not value itself at Rs 7,000 cr in 2014?
● How is it that the high value company could not pay a relatively small tax deducted from others?And a few more
● Is not Dr A M Arun listed as the 244th richest in with Rs 2,314 cr in Hurun India report of 2015?● Why then did he not help Vasan pay tax deducted from others to the treasury?
● Is Vasan paying its suppliers on time now?● Is it financially healthy now?
● Has ED not issued notice to Vasan and Dr Arun on the transfer of 1.5 lakh shares from Dwarakanathan to Karti Chidambaram's company?But Vasan's reply does not answer them because either it dare not or it is advised not to. Vasan does not dispute any facts in the article.
While replying to a charge, what is not denied is generally regarded admission.It does not need any super lawyer to advise on such fundamentals. It is better not to reply than make one-line denials with adjectives like malicious and baseless without showing how it is malicious or baseless.
Vasan is deafeningly silent on the hard facts in the NIE exposé that raises questions which Vasan finds unanswerable. Result, Vasan attempts to escape them in a one-line denial. Vasan's ritualistic denial shamelessly ducks the facts in the article and evades the obvious questions the exposé raises.Post Script
Surprisingly there is no response or rebuttal from P Chidambaram or Karti Chidambaram. If the denial of Vasan is on their behalf also, the comments and questions equally hold good for them. But there are far more questions they have to answer than Vasan or Dr Arun.(The author is a leading political and business commentator)
MANGALORE
Think Good Do Good
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