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ED Issues Show-Cause Notice To NDTV And Its Promoters For FEMA Violations Of Over Rs 4,300 Crore
The Enforcement Directorate (ED) issued a show cause notice to NDTV on Thursday (18 October). The notice has alleged that NDTV violated the norms of FEMA (Foreign Exchange Management Act), 1999 amounting to over Rs. 4,300 crores, The New Indian Express reported the story.
In a statement, the ED said, "The investigation showed FEMA contraventions relating to receipt of foreign direct investment by NDTV to the extent of Rs 1,637 crore and the other relating to overseas investments to the tune of Rs 2,732 crore,"
The notice was issued to Prannay Roy and Radhika Roy, founders and executive co-chairpersons of the group, along with the journalist Vikram Chandra and others.
The companies that have been named in the notice for violating the names are as follows: Ms NDTV Lifestyle Holdings Ltd (now Ms Lifestyle and Media Holdings Ltd), Ms South Asia Creative Assets Ltd, Ms Astro Overseas Ltd and Ms NDTV Imagine Ltd (now Ms Turner General Entertainment Networks India Pvt Ltd).
The Enforcement Directorate has indicated that there are two separate offences, and the total violations would amount to Rs 4,369 crore.
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