ED issues notice to NDTV for FEMA violations

New Delhi [India], Oct 18 (ANI): The Enforcement Directorate (ED) on Thursday issued a show-cause notice to NDTV in respect of FEMA contraventions relating to receipt of Foreign Direct Investment (FDI) by the media network to the extent of Rs 1,637 crore and relating to overseas investments to the tune of Rs 2,732 crore.
The notice has been issued to Co-Founder and Executive Co-Chairperson of NDTV, Prannoy Roy, his wife Radhika Roy, journalist Vikram Chandra, Harpreet Singh Duggal, Director, NGEN Media Services Pvt. Ltd, Anshuman Misra, Director, Turner General Entertainment Networks India Pvt. Ltd , Sameer Chandran Nair, earlier Director in NDTV Imagine Pictures Ltd. and Alliance Lumiere Ltd, and Grant Scott Ferguson, Director, South Asia Creative Assets Ltd.
"During an investigation, it was revealed that NDTV received FDI of Rs 725 crore and that only CCEA was competent to permit FDI in excess of Rs 600 crore, in the case of NDTV but no CCEA approval was taken. FDI was projected as below Rs 600 crore as part of larger conspiracy. While applying for FIPB approval, NDTV projected FDI as varying between USD 130-160 million. Documents of FIPB section also projected FDI differently as Rs 585 Crore (USD 130 million - Rs 45 per dollar). However, FDI finally received by NDTV was USD 163 million," read a statement.
"NDTV Imagine Ltd., then a subsidiary of NDTV Ltd (now known as Turner General Entertainment Networks India Pvt. Ltd.) has been charged with delays in filing and reporting information with RBI to the extent of Rs 853 crore. NGEN Media Services Pvt. Ltd, another subsidiary of NDTV Ltd (now merged with Genpact India Ltd) has also been charged with delays in reporting and filing information with the Reserve Bank of India to the extent of Rs 30.48 crore," the statement added.
The ED also informed that further investigation on this aspect is currently underway. (ANI)