NDTV says ED notice untenable

NDTVBroadcasting group NDTV said that the show-cause notice from the government on alleged foreign exchange violations conducted by the company are legally untenable and liable to be challenged.

“Company has been advised that none of the violations alleged in the show cause notice are legally tenable and the Company is in the process of challenging the entire show cause notice including the alleged amounts mentioned in the show cause notice,” it said.

The company has apparently been demanded Rs 2,030 cr from by the Enforcement Directorate of Govt of India. The agency is responsible for ensuring compliance with tax rules, foreign exchange rules and so on.

Notice has been issued to the company, Prannoy Roy, Executive Co-Chairperson, Radhika Roy, Executive Co-chairperson and K.V.L. Narayan Rao, Executive Vice Chairperson on November 19.