Former Tehelka journalist Raman Kirpal who worked with the organisation till mid-2011 has given the inside story, which revels how murky deals have dominated the promotion of Tehelka as a benami money investment outfit.
Around 2005,Tarun Tejpal had struck a chord with many celebrities while he sought donations. He is said to have collected Rs 2 crore with a donation of Rs 1 lakh each from Bollywood stars, including Aamir Khan and Nandita Das. They all contributed in good faith to see Tehelka emerge as an alternative media solely supported by like-minded people.
"This idea was short lived. Many questionable deals began to surface through many nondescript and non-serious company investors. In this Tehelka story, there are mainly six investors – Fakhruddin Tahirbhai Khorakiwala, AK Gurtu Holding Pvt Ltd, Enlightened Consultancy Services Pvt Ltd, Weldon Polymers Pvt Ltd, Rajasthan Patrika Pvt Ltd and Trinamool Rajya Sabha MP K D Singh’s Royal Building and Infrastructure Private Limited ".
The former journalist said,"Tehelka management ,Tejpal family and Tehelka’s managing editor Shoma Chaudhury made a killing through a series of doubtful transactions. They sold some of their shares in one of their companies at mind-boggling premiums to a nondescript company, pocketing large gains. Tehelka's Tarun Tejpal and Shoma Chaudhury on one occasion, a share of Rs 10 was sold at a premium of Rs 13,189. And select founding members of Tehelka were quick to offload their own shares at this price, even when the net asset value of Tehelka’s company, Agni Media Private Limited (now Anant Media Private Limited), was negative".
"Meanwhile, those who worked with Tehelka during 2005-06 are clear that the institution was never in robust financial health. “Our salaries were delayed for two months,’’ recalls the then bureau chief of Tehelka, Hartosh Singh Bal. But around the same time, the personal fortunes of some of the shareholders was about to improve dramatically".
"Shareholders who benefited despite the miserable finances of Anant Media Pvt Ltd include the Tejpal family and Shoma Chaudhary, the managing editor who resigned recently. Other shareholders, like Ram Jethmalini (165 shares), Kapil Sibal (80 shares) and London-based entrepreneur Priyanka Gill (4,242 shares) are sitting on the periphery, their shares more or less dormant".
Congress minister Kapil Sibal most amusingly denied his involvement and said, "I don’t even know that Tarun issued shares in my name. I had donated Rs 5 lakh to Tehelka in good faith, but I never filled any application for share allotments.’’ These 80 shares in Sibal’s name have existed on the books since 2005. And so do Ram Jethmalani’s shares. It is strange though that Kapil Sibal is not even aware that Tehelka shares have existed in his name since 2005. But he may be right that he gave the money as a 'donation’ and not to buy shares.
INDIA HONEST asks, how a cheque payment of five lakhs in the name of Tarun Tejpal or the Tehelka could not be reflected in the books of either Kapil Sibbal and Tehelka,if Tehelka genuinely issued the shares ? Was it a cash donation (or even a havala transfer as popular in business circle) or an official gift or investment ? The law provides that all transaction above 20,000/- should be by cheque only,and so the books must reflect the entry.Even the gift or donation has also to be treated in books accordingly.
IH ascertains the modus operendi used in financing through the various shell companies, and that further hints that as on date except Rajasthan Patrika and Khorakiwala, most of others registered has huge losses and has disappeared from the scene. More investigations has revealed that many of these were 'briefcase’ companies, used only for parking funds from unknown destinations. The same was invested in Anant Media Private Limited. The trend in Tehelka's investors is that they exist for a couple of years and then disappear after registering losses. More revelation follows.