NDTV confirms receipt of Enforcement Directorate notice

ndtvNDTV said it, along with some of its officebearers, have got a notice from the Enforcement Directorate asking why it should not be subjected to penalties for violating foreign exchange rules.

“The Company along with Prannoy Roy, Executive Co-Chairperson, Radhika Roy, Executive Co-chairperson, K.V.L. Narayan Rao, Executive Vice Chairperson and NDTV Studios Ltd have on November 19, 2015 received a show cause notice from the Directorate of Enforcement as to why adjudication proceedings should not be held for alleged contraventions of provisions of FEMA,” it said.

However, NDTV did not specify whether it has been asked to pay Rs 2,030 cr as has been reported by media yesterday.

According to ED’s notice, the company allegedly received over Rs 1,113 crore in violation of Foreign Exchange Management Act rules. The deals involved 21 companies, according to media reports.

Four of the companies were incorporated in the Netherlands, six in Mauritius and one each in the United Kingdom and Sweden.