ED sends Fema notice to NDTV
The Enforcement Directorate has served a notice on private broadcaster NDTV for allegedly flouting foreign exchange regulations in availing overseas and foreign direct investment amounting to Rs 4,369 crore.
“The ED has issued showcause notice to NDTV Ltd in respect of Fema contraventions relating to receipt of FDI by NDTV to the extent of Rs 1,637 crore and relating to overseas investments to the tune of Rs 2,732 crore,” an agency statement said on Thursday.
The notice was issued under the Foreign Exchange Management Act to the founders and executive co-chairpersons of the group, Prannoy Roy and Radhika Roy, as well as journalist Vikram Chandra and some others.
The channel, in a statement on its website, said it rejected any allegations of violating Fema regulations. “NDTV maintains that it is being targeted for its fair and independent journalism and that its persecution is intended to signal to other media that unless they fall in line, they will face similar consequences,” it said.
In June last year, the CBI had raided NDTV’s offices and the homes of its promoters claiming to be probing allegations of bank fraud. The company had denied wrongdoing and alleged a “witch hunt” against a channel that has often criticised the government.
Enforcement Directorate sources said NDTV had not followed regulations after setting up companies in Britain, the Netherlands, Sweden and Mauritius. The agency said it was further probing a tranche of Rs 725 crore the group had received in FDI.