AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 1647
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....2 (hereinafter referred to as 'ECIR'). 2. The Applicant submits that he is a respectable and law-abiding citizen of India having deep roots in the Society and is residing with his Partner. He is a reputed journalist and is also a Director of M/s PPK Newsclick Studio Pvt. Ltd., a law-abiding corporate entity incorporated under the Companies Act, 2013, which owns and operates "newsclick.in" set up in 2009, one of the most popular and reputed digital media platforms in the country as well as abroad. 3. The expertise of the Applicant in various issues relating to industry and technology, has also been recognised by the Government of India. He has been a member of the National Steering Committee, ASTeC Programme as well as a Member of the Expert Group on Industrial Application, both of which are convened under the aegis of the Ministry of Electronics and Information Technology, Government of India. He has published several scholarly Articles in various National and International Publications in the field of Engineering, Software Technology, Energy Policy and other social issues. 4. The Newsclick was controlled by a Trust, namely, the Newsclick India Trust and later from the year 2015....
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....M/s PPK Newsclick Studio Pvt. Ltd. 10. In terms of the Agreement dated 20.03.2018, the first tranche of investment of USD 1.5 Million, was remitted by WWMH on 11.04.2018, in exchange for 7.69% shares of the Company. However, the remaining investment was never remitted or exercised by WWMH. Consequently, WWMH holds 7.69% shares of the Company. 11. The investment of FDI by WWMH was lawful investment, in terms of the law regarding FDI in Digital News Media in 2018 and no offence is disclosed. Furthermore, FIR has been registered mala fide to cull the free speech, harass and intimidate the Applicant. 12. It is submitted that the copy of the ECIR, has not been made available to the Applicant. He had been requesting for the copy since April, 2021, during which period the investigations have continued and the Applicant has been examined on various dates. There is no allegation against the Applicant that he has not co-operated during the investigations. 13. Furthermore, it is apparent from the questioning of the Respondent/ED during the appearance of the Applicant on 14.06.2021 and 17.06.2021, that they have no bearing to the allegations made against the Applicant and M/s PPK Newsclick....
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....at a premium of Rs. 11,510/- per share as against the allotment of share of Rs. 10/- at face value only to the promoters, apparently, much higher than valued by RBI. The reason for charging huge premium on allotment of Share seems to deliberately avoid the restrictions/cap of FDI in the Digital News website at 26% of the capital, as well as to avoid Government approval for such FDI. 22. The Investor Company WWMH was incorporated in USA giving the address of the Chartered Accountant and the Company was reported as cancelled due to non-payment of Tax as on 01.06.2017. It shows that this Company had received FDI of Rs. 9.59 Crores from WWMH, after a gap of more than one year from the date when this Company was cancelled. The reason for incurring such huge losses was excessive payment for consultancy, salary and rent. For example, salary/consultancy fee of Rs. 3.82 Crores and Rs.1.12 respectively was paid during the Financial Year 2018-2019 even when the total revenue of the Company was Rs. 1.10 Crore. 23. More than 45% of FDI was actually diverted / siphoned-off for the payment of salary/consultation, fees, rent and other such expenses of promoters/journalists/employees associated w....
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....rcement, (2018) 11 SCC 46. 30. On merits, all the averments made in the Bail Application, are denied. 31. It is stated that Section 420/406 and 120-B of IPC under which the FIR has been registered, are scheduled offences. Therefore, the investigations undertaken by the ED is valid in law and cannot be scuttled by a bald averment that no scheduled offence is made out. 32. It is further submitted that merely because the evidence is documentary or there is little likelihood of tampering with the documents, can be a ground to grant the Bail. 33. It is, therefore, submitted that no Anticipatory Bail be granted. 34. The Applicant in the Rejoinder has explained that the Respondent has asserted that there is no apprehension of arrest in the instant case, while at the same time stated that the acts of the Applicant are punishable under the IPC, which is covered under paragraph 1 the of Schedule given under PMLA, to submit that the plea taken by the Applicant that there is no Scheduled offence is wrong and misleading. 35. It is further submitted that the Applicant is a renowned journalist. The intention of the Investigating Agency is merely to harass the Applicant, which is evident fro....