Thread by @barandbench

Vivek Doval appears before ACMM Samar Vishal in connection with his defamation case against The Caravan and Congress Leader Jairam Ramesh. Court to record statement of Doval's witnesses today.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Vivek Doval begins making his statement before Court under oath. Informs Court that he is a UK citizen as well as an overseas citizen of India.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Doval further informs that he pursued his B.Sc and M.Sc from London School of Economics. He also obtained CFA from CFA Institute, Charlottesville, USA.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I have filed this complaint to redress my grievances agaisnt the accused persons on account of making defamatory allegations against me and my family which are completely baseless and false, says Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

On Jan 17, my father (NSA Ajit Doval) confronted me with the article published published in The Caravan magazine and asked me about the correctness of the contents of the article, informs Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I felt disturbed and humiliated on being questioned by my father (NSA Ajit Doval) in this manner as I have been a committed professional all my life, Doval further states.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I was livid after reading the article for the manner in which the event were narrated and projected, says Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The article titled 'The D-Company' and contained a picture of my father and brother. My family was referred as 'D Company' when we know that D company refers to the known criminal Dawood Ibrahim, says Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Questions were raised against the integrity of my family especially my father who has all along dedicated his life to the service of the country. The article branded me and my family as anti-national, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

It levelled allegations of money laundering, converting black money through my venture GNY Asia Fund. Without any basis, it was alleged that INR 8300 crore of black money was brought to India, Says Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The article (in The Caravan) tarnished my career and my venture GNY Asia Fund, claims Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The defamation did not stop here. On Jan 17, Congress Leader Jairam Ramesh also held a press conference. This Press Conference was on the platform of Indian National Congress, Doval states.

#VivekDoval #TheCaravan #JairamRamesh
@INCIndia
@thecaravanindia @Jairam_Ramesh

Indian National Congress even posted some random documents pertaining to my venture along with a transcript of the press conference on its website, Doval

#VivekDoval #TheCaravan #JairamRamesh
@INCIndia
@thecaravanindia @Jairam_Ramesh

There were very derogatory comments spoken which raised numerous questions on the integrity of my family and the genuineness of my business, Doval says.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I felt very angry, broke down for the unpleasantness that was bestowed which was not only based on falsehood and totally malafide, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I was a soft target. In fact the target of the malicious campaign was my family especially my father NSA Ajit Doval, says Vivek Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Referring to the statements made by Jairam Ramesh against him and his brother, Doval says the allegations were made in a demeaning manner, without trying to ascertain the facts.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The repercussions of the article as well press conference questioned my professional integrity. As a fund manager, I am nothing without my integrity. If I have a dubious integrity, my career is over, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

People entrust their hard earned money with Fund Managers and if investment becomes risky, it causes a lot of anxiety not only in the mind of the existing investor but also prospective investors, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

My business venture which I started with a lot of hard work has been tarnished in a moment, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

My investors and service providers abroad started calling me frantically. The accused persons left no stone unturned in ensuring mass outreach of the story & sensationalizing it through social media, Doval
#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Advocate DP Singh, appearing for Doval, submits print out of tweets/retweets to show defamatory comments made by people on the video of the Press Conference, and reference to Vivek Doval as '#chhotadoval'

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The accused did not stop here and continued to tweet and publish on Facebook the defamatory allegations alongwith the updates on the status of the present case.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Some of my close friends even made fun of me by calling me part of 'D Company' and being #chhotadoval thereof, says Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Some could understand that this was a malicious compaign. But ones who are not well versed with my personal life maintained a stoic and cold silence, says Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

My business partner Amit Sharma and other investors even suggested that in a scenario like this, should I continue as the Fund Manager or should I step down and let somebody else head the Fund, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The defamatory campaign substantially impairs my Fund's capability of raising capital and doing business. My credibility has been impaired for times to come, Doval

The Article and the Press Conference has caused irreparable damage to my reputation and to my career, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I have no relation with House of Saud and I don't know anybody there. I have no Saudi investor, Doval

#VivekDoval #TheCaravan #JairamRamesh #HouseOfSaud

@thecaravanindia @Jairam_Ramesh

The continued accusations and innuendos in this regard by The Caravan and the author Kaushal Shroff speaks of their intent to defame, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Doval also submits copies of his income tax return for the last eighteen years.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

GNY Asia Fund was launched in Nov, 2016 in Cayman Islands.The money came in little later through six investors. I till date there are only those six investors in the Fund, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The idea to start GNY Asia Fund was discussed with my friends, including partner Amit Sharma, over coffee in 2012, Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

From March 2014 to March 2016 various plans were drawn for the business. In 2015 , another friend pledged to give seed money of USD 10 million if Amit and I quit our jobs and ran the Fund full time, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

In March 2016, Amit quit his job and started working on the formation of the Fund rigorously, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I worked continuously so that my salary could be used to meet out the formation expenses of the Fund till October 2016. Meanwhile we took trips to Singapore to meet professionals & service providers, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Because of administrative and legal delays, the Fund was created on Nov 21, 2016 instead of October 2016. The Fund started investing in December 2016, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I invested USD 300,000 and Amit invested USD 200,00 from our salary saving, apart from investment made by four others. We have been unable to add any more investors till date, Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Doval's statement to continue post. Court rises for a break.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Court re-assembles.

Doval states that Cayman Island was chosen as domicile for the Fund given its eco-system of lawyers, accountants, tax consultants etc. 60% of world's hedge funds are based out of it.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

GNY Asia Fund was never launched it India. We never took subscriptions from any person based in India or ever marketed the Fund in India. But India was one of the investment destinations, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

We obtained Foreign Portfolio Investment license from SEBI to invest in India in December 2016. We invested in India from January through August 2017 and since then we have not been investing here, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Investment by GNY Asia Fund was not in the nature of FDI. Our investment was into financial assests. I do not have an FDI license, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

As per SEBI regulations, there can be no investment from an Indian resident in an FPI fund.. There is no question of any investment of 8300 crore in my Fund or routed through my Fund, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

My Fund's corpus was USD 11.1 (close to INR 77 crore million) and that remaines its highest till date. In any point of time we have not been even 1% of the amount alleged in the press conference or artcile

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

In India the investment was 15% of the total corpus, which translates to USD 2 million, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

We exited Indian market in August 2017 after we failed to find more investors in terms of the SEBI regulations on FPI license, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

We made an investment profit of USD 100,000 in India but had to spend a lot of money on operations, brokerage, approval etc. On an overall analysis, we broke even, Doval.
#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The current corpus of GNY Asia Fund is USD 8.3 million, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The investment to the Fund were in the following Funds- Asain Paints, Indusland Bank, SBI, Bharti Airtel etc, Doval
#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I am not a director in any cos in India. I am a director in three cos abroad- GNY Capital in London, Mandeville Court Property in London and a dormant company, Y Fin Advisor in Singapore, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

I have no commercial relationship with my elder brother Shaurya Doval, says Vivek Doval. Since we were a start-up Fund, the Fund shared a small office space and two research resources from his cos, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The main broker of the Fund, Nomura Securities, had no office or operation in India for providing custodian services. Therefore the Fund hired Edelweiss, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

My father, NSA Ajit Doval, has no connection with my business or my brother's. He has never been a part of our business in any capacity, Vivek Doval
#ajitdoval
#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

He (NSA Ajit Doval) has dedicated his life to the security and welfare of the country all his life, Vivek Doval

#ajitdoval
#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Random facts, misfacts, lies, misleading inferences have all been pieced together in a motivated manner, Doval.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Allegations of money laundering, round tripping capital, knowing of demonetization in advance has tarnished my, my family's reputation.. created an impression that we were doing anti-national activities, Doval
#VivekDoval #TheCaravan #JairamRamesh
@thecaravanindia @Jairam_Ramesh

The chart presented in the Caravan article labelling us as D company has been repeatedly tweeted and re-tweeted. It had been picked up by newspapers and social media platforms, further tarnishing my image

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Comments from public terming me as #chhotadoval has put me in mind with Chhota Rajan and Chhota Shakil who are hardened criminals, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

The defamatory article and press conference has tarnished my image as a professional globally and it is impossible to recover from this set back. The harm cannot be quantified in money terms, Doval

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Doval concludes his deposition. Matter to be heard next on February 11 at 10 am.

#VivekDoval #TheCaravan #JairamRamesh

@thecaravanindia @Jairam_Ramesh

Malicious campaign to target my father, NSA Ajit Doval: Vivek Doval in his defamation case against The Caravan and Jairam Ramesh @thecaravanindia , @Jairam_Ramesh #VivekDoval #TheCaravan #AjitDoval barandbench.com/malicious-defa…