The Intel  (R) Pentium (R) IIIProcessor

Search
The Indian Express

The Financial Express

Latest News

Screen

Express Computer
Feedback
Corporate Results

Expresswheels

Travel

Matrimonials

Careers

Lifestyle

Astrology

E-Cards

Columnists

Graffiti

Crossword

Letters

Environment

Jewellery
Info-tech

Power

Steel

Global Tenders

Filmtvindia

In association with Amazon.com

Books Music

Enter keywords


FINANCIAL EXPRESS FRONT PAGE

Corporate

Economy

Expressions

Markets

Leisure

 

Thursday, June 3, 1999

DD official fears non-recovery of Rs 7.5 crore funds 

Debashis Chaudhuri  
New Delhi, June 2: Prasar Bharati is considering taking legal recourse for recovery of Rs 7.50 crore from Nimbus Communications Ltd which the former paid for the telecasting rights of the cricket World Cup.

In a letter to the Prasar Bharati CEO, a copy of which is available with The Financial Express, Doordarshan's deputy director general (finance) PK Seth has proposed that "as a result of the controversy generated by Nimbus, Rs 7.50 crore drawn from Doordarshan's account is not likely to be refunded through correspondence with these parties and some effective legal measures have to be taken".

According to Seth, Prasar Bharati should consult its legal counsels and additional solicitor general who have been associated with the existing legal cases relating to telecasting rights for the World Cup.

Significantly, Seth has stated in his letter that he wants to slap a Rs 5 crore defamation suit on Nimbus for false allegations regarding dwindling of funds worth Rs 20 crore.

Seth referred to some of therecent newspaper reports in which Nimbus president and executive director Harish Thawani had said that the DD official would have to explain the vanishing of Rs 20 crore. Seth has stated in his letter that any delay in the matter may create further complications besides causing a recurring revenue loss of about Rs 35,000 by way of interest to the state exchequer.

The Rs 7.5 crore was drawn from DD's accounts for the payment of licence fee to the English Cricket Board. The amount had to be drawn as Nimbus had only given a guarantee of Rs 13.5 crore, while it expected DD to transfer Rs 12.54 crore clients' advance paid to Stracon earlier in its favour.

DD sources said that any clients' advance has a liability attached to it and clients' advance paid to Stracon could not have been directly transferred to Nimbus by Doordarshan since it was a contractual agreement between the former and the advertisers.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


Top


Great Britain : Towards the next millenium

 

Click here for a printer-friendly page Printer-friendly page

One of India's Leading Banks



EXPRESSindia.com
News   Business    Sports   Entertainment
The Indian Express | The Financial Express | Latest News | Screen | Express Computers
Travel | MatrimonialsCareersLifestyle | Astrology
E-Cards | Graffiti | Environment | Jewellery | Info-tech | Power