Ramoji-Ambani deal
Year 2012 was undoubtedly a bad one for media baron Ramoji Rao. He had to sell out almost his television empire and even lost his youngest son Suman this year. It's unfortunate that a person like Suman, a personification of talent, left ETV. Anyway, if we put that unfortunate thing apart, there's something else that made Ramoji Rao enter the headlines.
It was Ramoji Rao-Reliance deal that made some observers raise fingers at including Congress MP Vundavelli Arun Kumar. Based on this complaints, the Enforcement Directorate started its probe into the Rs. 2604 crore deal between Mukhesh Ambani and Cherukuri Ramoji Rao, chairman of Eenadu group.
It may be noted that Reliance bought stakes in ETV channels through its subsidiaries. The amount Rs. 2604 crore bailed out Ramoji Rao who then faced charges of financial fraud and courts directed him to pay the deposits to the investors in Margadarsi chit funds, which has been run by him. Vundavalli Arun Kumar objected this deal, which came to light only after YSRC honorary president Vijayamma filed a complaint against TDP supremo Chandrababu Naidu and made Ramoji Rao a co-respondent.
Vundavalli Arun Kumar wondered as to why shares were purchased at Rs. 5,28,630 each when ETV channels were running in losses. The MP has even written a letter to the union minister Ambika Soni to cancel the uplink permissions given to Ramoji Rao through TV 18. It is known that majority of shares in 11 ETV channels were purchased by TV 18.
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