Thread by @thehawkeyex

[Exposed] The web of lies of alleged fact-check portal AltNews & directors.

Pravda Media (parent co), a not-for-profit, not just making huge profits but systematically retaining most of them.

Let's take a deep dive into the financial stats of the 'charity'.
#TheHawkEyeThread
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Pravda, largely run by a trio Nirjari Sinha (promoter & MD) & 2 directors- Pratik Sinha, son of MD (i.e. related party) & Md Zubair.

They often claim crowdfunding as 'only source', however, 38% of funds are institutional grants & 9% comes from interest on FD & other income.
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In past 3 years, IPMSF (donated 1.7Cr), same org that funds most of the leftist media. Infosys (10L)’ KRN Murthy is ex Ford Foundation who mediated with MEA/MHA when it was on verge of shutdown. Zindabad Trust (8.5L) run by Arundhati Roy, doesn’t need an introduction.
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The directors often pretend to struggle for the monthly fund target, while Pravda has 2.7Cr Reserves (UNUTILISED).

Interestingly crowdfunding (2.9Cr) in the past three years is almost equal to UNUTILISED funds (2.7Cr).

And the bank FD increased from 13L to 1.7Cr same time.
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Given the total expenses, Pravda's operational cost is ~9.6L per month.

Simple maths, with 2.7Cr of reserves, the company can run (with the same hefty salary structure) for the next 28 months without any source of income.

And all this while there is frequent fund appeal!!
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Quick snapshot of Pravda's financial:
> 2.7Cr Unutilized, includes
> 1.7Cr FD

~FY20-21~
> 1.96Cr, Revenue
> 80L, Net Profit
> 1.16Cr, Expenses that includes
> 54L, salary of 3 directors i.e.
> 47% of overall expenses

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> In easy understanding 80 (net profit) + 54 (salary) = 1.34Cr, i.e. 68% money route to home only.

(54L breakup= N'Sinha 6L, P'Sinha 24L, MdZu 24L)

> Pravda's revenue shot up 5x and so reserves turned 11x in the past 3 yrs.

NOT to forget, all under tax exemptions of Sec 8.

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As per a claim by director Zubair in Dec'21, institutional grants are now discontinued. However, this doesn't match with the IPSMF website that shows Alt News as "active grantees".

In any case, no surprise if the grants are withheld given the reserve funds for 28 months.
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A Sec-8 reg company is exempted from taxes as the objective of establishment is charity. The company, if making a profit, the objective remains same & and funds must be utilized for said charity purpose only.

Read the underlined clauses in AOA and MOA carefully.
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Applicability may be contested, but despite having good reserves, even during the peak of the pandemic, Pravda hasn't spent anything on CSR (Corporate & Social Responsibility) which is 2% of average net profit for the past three years.
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Apart from loud & clear financial stats, misleading claims, high possibility of either misusing or violating laws, Pravda apparently doesn't meet the objective of "independent publication in the public interest" with highly biased views, manipulative (at times).
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Check this thread by @vijaygajera where misusing of Sec8 & IPSMF funds were highlighted in Aug’21


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Another thread by @tigerAkD highlighted section 8 misuse.

Request to share/RT as much as possible as there are shadowbanned/restrictions to many of handles like me.



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Amidst the #InformationWar, 'The Hawk Eye' is an attempt to connect the dots against industrialized disinformation campaigns. Support the efforts & be an eye:

rzp.io/l/thehawkeyex

Check out informative/researched threads through the hashtag: #TheHawkEyeThread.
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Acknowledging valuable support extended by @AgentVinod03 @vijaygajera @tigerAkD 🙏🏼 while writing this thread.

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'Where is updated report?'
'Nahi dali, as simple as that'

For the record, these are shocking responses from MD, Pravda in the public domain when confronted by donors seeking transparency which they are committed to as a tax-exempted charity co that runs on public donations.
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