'My father has always fought for India, now they call us D-Company': Ajit Doval's son hits back at 'The Caravan' report

Charge: Vivek Doval established GNY Asia fund merely 13 days after demonetization. It was intended to send and bring money in the country.

Answer: The idea of the GNY Asia fund creation was laid in October 2013  when we created a small company called Vivam Holding Co. Limited. The fund creation service provider selection for the fund started in November 2015. The actual registration process of the GNY Asia fund started in August 16. Are you suggesting that I knew of the demonetization in October 2013, November 15 or August 16? I must have divine powers then.

Charge: Almost Rs 8,300 crores FDI came into India from Cayman in 2017. Did it all come through GYN ASIA?

Answer: GYN ASIA fund had 77 crores, out of which 15 crores was invested in India, but later our FPI licenses were cancelled because according to SEBI regulations there should be at least 25 investors for FPI licenses. We still have the same 6 investors. Our major investments are in China, Hong Kong, Taiwan and Korea which had very weak markets last year. We lost 20% of our capital last year due to US-China trade war.

Charge: The name of Don Ebanks, an independent director at GNY Asia fund, came up in the Paradise and Panama papers. It was alleged that he has a poor reputation and that makes GNY Asia fund, you and your family complicit.

Answer: I will leave Mr Ebanks to respond to this. He will perhaps respond legally to this slanderous allegation.

Charge: GYN Asia is related to the business of Vivek's elder brother Shaurya Doval and also associated with Saudi Arabian royal family.

Answer: My brother and I have no business connection in way of managing assets, etc. GNY Asia fund was a new business and we had very little resources. So we did bootstrapping.

We used Shaurya Doval's Zeus premises for office space and 2 employees - Akhul Jhajharia and Priyanka - to provide research to us. GNY Asia fund paid Zeus approximately Rs 1,60,000 per month for their salaries and office space. I have no investor from the house of Saud or anyone from Saudi Arabia. There is nothing unethical or illegal in dealing with Saudis and Saudi Arabia just for the record.

Charge: Ajeet Doval had prepared a report on black money in 2011, in which he said that Cayman Islands are a tax haven. Despite this, Vivek Doval conducted his hedge fund business from Cayman.

Answer: My father had identified the countries which are called tax havens all over the world. In my father's report, there was also mention of Cayman Islands as countries with black money, However, our business is not connected to any black money. These are legal business. You are comparing oranges with apples.

Charge: In the article the family businesses of of Ajit Doval's sons were called D-Company. what would you say about this? 

Answer: D-Company is the Dawood gang in common parlence. All that my father has done all his life, at great risk to his life, is to fight enemies of our country but someone reduced us to that level in 2 minutes. 'The Carvan' has compared us to the enemies of our country. My father taught me if you didn’t did any wrong then you follow your dharma.

Charge: If you love so much from this country why is it being said that you have become a British citizen?

Answer: Shaurya Doval and I are not associated with government. We are private individuals. Can you show even one thing in our lives when we have been reprimanded by the law or regulatory authorties? I have been working for almost 19 years, mostly in London as an invester banker and fund manager. I many be British citizen but I am a proud overseas citizen of India.

I have rights per the Indian constitution. I love this country and my heart can only be there. My father Ajit Doval, who fought the enemies of the country throughout his life, is being linked to Dawood's D-Company. Since the allegations have been raised, I have seen the sadness in my father's eyes.

Vivek Doval has alleged that the contents of the article present "no illegality" on his part, but the entire narration has been presented in a manner, which suggests "wrongdoings" to the readers.

"The very arrangement of the paragraphs and the interspersion of random paragraphs, has been done with the very purpose of confusing the reader and leaving him with the belief that there is a larger conspiracy at play, being spearheaded by the Complainant," said the complaint.

It also said that the social media tweets put out by the magazine's handle gave snippets from the article, which makes it clear that it is merely a targeted attempt to malign and tarnish reputation of Vivek and his family, in order to gain "political credit in light of the upcoming general election". 

"The title of the article itself is scandalous to say the least... creating prejudice in the minds of the readers against the Complainant and his family," the complaint said.

With regard to Ramesh, the complaint said the press conference addressed by him went "beyond the mere narration in the article" and that he was already geared and armed to launch an attack, "merely waiting for the publication of the article", which could then provide a "smokescreen to the otherwise targeted and deliberate attack on the reputation of the complainant and his family".

It said that the article has been used as a political tool to "foster in unscrupulous hands" to "seek vendetta and wreak vengeance".