Network 18 has finally realized that it’s “Senior Professional Welfare Trust” that owes it more than 550 cr. is mostly a dud borrower. After giving it that much money as a loan, the company has now had to write off Rs. 380 cr. as a provision because they are unlikely to recover money from it.
The Network18 Senior Professional Welfare Trust is an entity controlled by past Network18 promoter and CEO, Raghav Bahl, which was “supposed” to be for the benefit of senior management of the company.