Senior advocate and former Additional Solicitor General Altaf Ahmad, appearing for Kumar, told Special CBI Judge O P Saini that the agency "has not done its home work well" and was making allegations based on "assumptions".
"Someone (CBI) says that with so less paid-up capital (of Kalaignar Tv), how did a private person give you (Kalaignar TV) Rs 200 crore? Earlier a nationalized bank gave us Rs 100 crore when our paid-up capital was even less, only Rs 5 crore.
"It is silly and illiterate to make such allegations. Paid-up capital has nothing to do with it," Ahmad said.
"They (CBI) want to see every thing from the prism of this FIR. Our record is coherent and consistent. We have banking records, ICD agreements, share subscription agreements and a huge body of documents," he said.