The Siege of Independent Journalism: How Pranoy Roy's NDTV Became a Casualty of Modi's Media Ecosystem

By TCO News Desk 

New Delhi, January 24, 2025 – In the annals of Indian journalism, few names evoke the spirit of unyielding inquiry like Pranoy Roy, the soft-spoken founder of NDTV, whose channel once stood as a bulwark against power. For over three decades, NDTV pioneered "true journalism" – fact-driven reporting that exposed corruption, chronicled crises, and held governments accountable, from the 1993 Mumbai blasts to the 2014 election fervor. Yet, under Prime Minister Narendra Modi's decade-long tenure, this beacon has dimmed, critics argue, not through editorial capitulation but through a relentless campaign of financial strangulation, regulatory raids, and corporate capture. The result? NDTV's sale to Gautam Adani, a billionaire ally of Modi, in 2022, marking what many see as the death knell for one of India's last independent voices. This report delves into the machinery of control – advertisements as leverage, corporate lobbying as coercion, and BJP-orchestrated harassment – that eroded Roy's legacy and reshaped India's fourth estate.

Pranoy Roy, a statistician-turned-journalist, co-founded NDTV in 1988 with his wife Radhika Roy, transforming it from a modest production house into India's first private news network by 2003. NDTV's hallmark was its refusal to kowtow: it aired gritty documentaries on poverty, grilled politicians live, and earned global acclaim for balanced coverage. Roy, often called the "father of Indian television news," built an empire on credibility, employing anchors like Ravish Kumar, whose prime-time show Prime Time skewered inequality and authoritarianism. In 2014, as Modi swept to power on a wave of anti-corruption promises, NDTV remained a thorn – one of the few channels to fact-check the BJP's narrative and amplify dissenting voices.

But Modi's administration, from the outset, viewed critical media as an adversary. "There is systematic harassment of any critical voice by the government, ruling party and its supporters," wrote veteran journalist Tavleen Singh in 2017, capturing the chill descending on newsrooms. NDTV, with its English-language audience and reputation for "elite" scrutiny, became ground zero.

#### The Anatomy of Harassment: Raids, Probes, and Financial Siege

The crackdown escalated in June 2017, when the Central Bureau of Investigation (CBI) raided NDTV's headquarters and the Roys' Delhi home in a high-profile money-laundering probe. The case stemmed from a 2009 loan of ₹375 crore (about $50 million at the time) from ICICI Bank to RRPR Holding Pvt Ltd, the Roys' investment firm, allegedly used to buy shares in NDTV at inflated prices, causing a ₹48 crore loss to the bank. The CBI alleged criminal conspiracy, cheating, and abuse of power by bank officials.

NDTV decried it as "concerted harassment," timed suspiciously after the channel's critical coverage of demonetization and Modi's economic policies. PEN America, the global free expression advocate, labeled the raids a "transparent ploy to harass independent voices," noting they lasted 82 hours – far beyond routine – and involved seizing laptops and documents. BJP MP Subramanian Swamy, a vocal Modi critic-turned-ally, had filed the initial complaint in 2015, accusing the Roys of siphoning funds. "Outrageous allegations," Roy countered in a rare public retort, hinting at political vendetta.

The raids were just the opening salvo. The Enforcement Directorate (ED) slapped a ₹819 crore notice for foreign exchange violations tied to the same loan. The Income Tax Department froze NDTV's accounts, demanding ₹450 crore in unpaid taxes, and slapped a one-day broadcast ban in 2016 for "operational irregularities" during the Pathankot airbase attack coverage – a penalty lifted only after Roy's reported meetings with then-Information Minister Venkaiah Naidu and Modi himself. By 2022, the Roys faced over ₹2,000 crore in combined penalties from CBI, ED, and IT sleuths, crippling cash flows and share prices.

Critics, including opposition leaders, framed this as "tax terrorism." Congress MP Shashi Tharoor called it "weaponization of agencies" against media foes. Even the Delhi High Court, in January 2025, expressed "exception" at the IT Department's "harassment" of the Roys, questioning the timing and proportionality. BJP supporters, however, insisted the probes were legitimate: the loan involved "reduced interest rates" via a settlement, raising red flags of favoritism. After a seven-year investigation, the CBI filed a closure report on October 1, 2024, finding "no criminal conspiracy or abuse of power" – the transaction was a "normal business decision." Yet, for many, the exoneration came too late: the damage to NDTV's independence was irreversible.

#### The Economic Levers: Ads, Lobbying, and Corporate Conquest

Beyond probes, Modi's media playbook relies on "soft power" – advertisements and corporate alliances – to starve dissenters. From 2014 to 2017, the government doled out ₹3,755 crore in ads to print, electronic, and outdoor media, a 500% spike from UPA-II, per RTI data. Friendly outlets like Republic TV and Zee News reaped windfalls, while NDTV's ad revenue plummeted 40% amid boycott calls from BJP affiliates. "The government has pressured advertisers... to shape the information 1.3 billion Indians receive," noted The New York Times in 2020.

Corporate lobbying amplified the squeeze. Gautam Adani, Modi's Gujarat-era associate and India's second-richest man, snapped up NDTV in August 2022 via an open offer, acquiring 64.71% stake after the Roys' liquidity crunch. Probes mysteriously eased post-takeover: ED notices vanished, IT demands softened. "The Modi government's years-long harassment... is not a coincidence," wrote Nieman Reports in 2023, linking it to Adani's proximity to the PM.

This pattern repeats: Mukesh Ambani's Network18, Bennett Coleman (TOI group), and now Adani's empire control 70% of India's media, per Reporters Without Borders. Pro-Modi billionaires "reshape the landscape," diluting coverage – NDTV's once-fiery debates now host Modi interviews sans tough questions. On X (formerly Twitter), users lament: "NDTV was the voice of the people... now a lap dog of the Modi Govt," echoing a May 2024 post. BJP defenders counter that Adani's buyout was market-driven, not coerced, and past owners like Reliance held stakes without outcry.

#### Legacy Lost: From Beacon to Echo Chamber

The CBI's 2024 clean chit vindicated the Roys legally but not existentially. Pranoy and Radhika stepped down as directors in November 2022, their 27% stake diluted. Ravish Kumar resigned in protest, decrying the "corporate noose." India's press freedom ranking has plunged to 159/180, per RSF, with 13 journalists jailed in 2024 alone.