New Delhi Television Ltd (NDTV) has received a show-cause notice from the Enforcement Directorate (ED) for alleged violations under the Foreign Exchange Management Act (FEMA), according to a stock market disclosure.
The notice asks the broadcaster why adjudication proceedings shouldn’t be held against it for allegedly violating FEMA provisions.
The notice also names executive co-chairpersons Prannoy Roy and Radhika Roy, and executive vice chairperson KVL Narayan Rao as well as NDTV Studios Ltd, a subsidiary of NDTV that has been merged with the company.
NDTV said that it has been advised the allegations are not legally tenable and that it will reply to the notice in due course of time.
In September, NDTV had said that the ED had sought some information and documents from the company and had denied reports that the probe agency had filed a case against the company.
In June, capital markets regulator Securities and Exchanges Board of India had slapped a Rs 2 crore fine on NDTV for late disclosure of information about a Rs 450-crore income tax notice it received in February 2014.
Founded in 1988, NDTV operates news channels NDTV 24X7 and NDTV India, and lifestyle channel NDTV Good Times, and related websites. The firm also offers post-production and digital asset management services.
Leave Your Comment