Vivek Doval vs The Caravan: ‘D Companies not a reference to Dawood Ibrahim’s criminal syndicate’

National Security Advisor’s son has filed a defamation case against the magazine over a January 2019 article about his Cayman Islands firm.

WrittenBy:NL Team
Date:
Article image
  • Share this article on whatsapp

The cross-examination of a key witness in Vivek Doval’s defamation suit against The Caravan magazine that started on Thursday continued today in the court of Delhi’s Additional Chief Metropolitan Magistrate Samar Vishal. 

subscription-appeal-image

Support Independent Media

The media must be free and fair, uninfluenced by corporate or state interests. That's why you, the public, need to pay to keep news free.

Contribute

Amit Sharma had previously testified on October 17 and accused the news magazine of publishing “incorrect facts and insinuations”. Sharma was co-founder of Doval’s hedge fund which is at the heart of the case. In January 2019, The Caravan reported that Doval, son of India’s national security advisor, Ajit Doval, ran the hedge fund, GNY Asia, from the tax haven of the Cayman Islands. In response, Doval filed a criminal defamation suit against the reporter Kaushal Shroff, the magazine’s editor Paresh Nath, and Congress leader Jairam Ramesh. Ramesh had held a press conference where he echoed The Caravan story to accuse Doval junior of corruption. In his suit, Doval claims that the three people caused “irreparable damage” to his reputation “through calculated insinuations and innuendos”. Doval testified in the case in early September. 

Today, Sharma was cross-examined by Bhavook Chauhan, counsel for The Caravan.

“Did GNY Asia fund ever make a profit?” Chauhan asked.

Sharma replied that since they don’t use the term “profit”, it would be better to say GNY Asia fund made “positive returns” in 2017.

“Being a 50 percent shareholder in GNY Asia fund, did you ever pay taxes?” the lawyer continued. 

“I don’t remember whether any taxes were paid by me in the Cayman Islands as a unit holder in the fund,” Sharma replied, and promptly added, “It is wrong to suggest I am purposely avoiding answering the question as I am conscious that no taxes were ever paid by me in the Cayman Islands as no taxes are levied there.”

Chauhan then turned to asking about The Caravan story. “Are you aware that a detailed questionnaire was sent by accused number three to Vivek Doval seeking his responses to the facts published in the article?” he asked, referring to Shroff, the reporter.

“I discussed with Vivek when I first spoke to him post the press conference,” Sharma responded. “He said he did not find it in his emails. But he said he will have a detailed look to check for this. Post this, I could not follow it as I was busy dealing with investors.”

“Are you aware a detailed questionnaire was sent by accused number three to Shaurya Doval seeking his responses to the facts published in the article?” the lawyer continued, referring to Vivek Doval’s brother.

“I’m not aware.”

Sharma took issue with the fact that The Caravan story referred to Doval’s businesses interests as the “D Companies”. He believed that it was a reference to the underworld don Dawood Ibrahim, whose criminal syndicate is popular as the “D Company”. But the lawyer countered that the reference was only to the owner’s surname.

Chauhan also rejected Sharma’s contention that the article was not based on verifiable and irrefutable facts.

The lawyer then asked about the dealings of the hedge fund. “Would it be correct to say GNY Asia had its major investments in China, Taiwan, Hong Kong and Korea?”

“Yes,” Sharma replied.

Summing up Sharma’s testimony, the lawyer again disputed his contention that GNY Asia’s closure was connected to the publication of the article; that the story linked the fund to demonetisation in India, money laundering, tax evasion; that it dented Vivek Doval’s credibility in the eyes of investors; that it had caused any loss of reputation or revenue to GNY Asia and Vivek Doval. 

After this, Sharma asked to make a voluntary statement but the judge didn’t allow him. “You have said all you had to say in your brief.” But Sharma pressed, “ I just want to say I have came to India thrice from London regarding this case, and my company has been shut down. The case is very important to us.”

The next hearing is scheduled for January 31, 2020. 

subscription-appeal-image

Power NL-TNM Election Fund

General elections are around the corner, and Newslaundry and The News Minute have ambitious plans together to focus on the issues that really matter to the voter. From political funding to battleground states, media coverage to 10 years of Modi, choose a project you would like to support and power our journalism.

Ground reportage is central to public interest journalism. Only readers like you can make it possible. Will you?

Support now

You may also like