St. Lucia, 17 July 2024-Euro Exim Bank has issued a legal notice to Mr. Ravi Prakash, the Editor and Publisher of RTV, a prominent news outlet in both Telugu states, following a broadcast that the bank claims has tarnished its reputation. The contentious telecast involved allegations against Megha Engineering & Infrastructure Limited, a well-known Hyderabad-based company and a client of Euro Exim Bank.
In the disputed broadcast, Mr. Ravi Prakash accused Euro Exim Bank of issuing counterfeit bank guarantees to various government agencies across India. Specifically, he alleged that the bank had provided these fraudulent guarantees to Megha Engineering & Infrastructure Limited, suggesting a wide-reaching conspiracy and potential misconduct involving public projects.
Additionally, Mr. Prakash asserted that Euro Exim Bank’s annual turnover was merely Rs. 8 crores. This figure was starkly contested by the bank, which clarified that its net worth is approximately Rs. 1,900 crores, a substantial discrepancy from the reported amount.
Euro Exim Bank’s legal notice, drafted by Chennai-based advocate Mr. BSV Prakash Kumar, demands an immediate retraction of the broadcast and an apology from Mr. Ravi Prakash. The notice emphasizes that the allegations presented in the broadcast are unfounded and have significantly harmed the bank’s reputation, causing distress among its employees and stakeholders.
The bank has also insisted on the removal of all related content from RTV’s social media channels. Failure to comply with these demands, the notice warns, will result in Euro Exim Bank seeking Rs. 100 crores in damages for defamation and emotional distress, alongside potential civil and criminal legal actions.
This legal move marks a significant escalation in the dispute, underscoring the serious implications of media reports on corporate entities and the potential legal repercussions of disseminating unverified information.
