NDTV in soup : BSE confirm promoters Prannoy and Radhika Roy receiving a show cause notice from IT dept

In a confirmation of the mounting troubles for NDTV’s promoters Prannoy and Radhika Roy, the media company has informed the Bombay Stock Exchange (BSE) of them receiving a show cause notice from the Income Tax department in March.

As per a press release issued by the BSE on 8 May, the aforementioned Executive Co-Chairpersons of NDTV had received a show cause notice from the Principal Commissioner of Income Tax dated 3 March 2018, with regards to the assessment year 2009-10.

The BSE also uploaded the letter which was sent to it by NDTV’s company secretary Hemant Kumar Gupta:

- Advertisement - - Article resumes -

NDTV confirms the troubles its promoters Prannoy and Radhika Roy are facing from the IT department
NDTV’s letter to BSE. Via BSE India

As seen above, the Company Secretary and Compliance Officer in a letter dated 8 March had informed the national stock exchange that the Roys’ had received a show cause notice on 7 March from the Income Tax department under section 279(1) of the Income Tax Act.

NDTV claimed that as a result of that it was examining legal options available to the company with regards to the show cause notice.

This case pertains to the IT Department levying a penalty of Rs. 436.80 crores for the assessment year 2009-10. The channel had later approached the Delhi High Court which had refused to intervene in the matter and in turn asked the channel to approach the Commissioner of Income Tax (Appeals).

The Principal Commissioner of Income Tax had refused to stay the demand and instructed the channel to pay 30% of the penalty amount in a staggered manner by 15th June 2018. The said three instalments of this amount had to be paid on 15 April, 15 May and 15 June respectively.

The news of such a letter to the BSE comes in the light of NDTV having to sell a stake in its subsidiary to its landlord, as a form of paying its outstanding rent.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

NDTV suspends Deputy News Editor for celebrating Pulwama terror attack, may take further action

NDTV Deputy News Editor Nidhi Sethi suspended by the channel for her Facebook comment celebrating the Pulwama attack

Dear Gujarat Samachar editor, how do you live with yourself?

Gujarati daily's insensitive headline over Pulwama attack has got readers upset

Pakistan funded Islamic terrorist blows up 300 kgs of IED, actor brings ‘Hindu right wing’ argument to shield Pakistan

Jaaved Jaaferi refuses to hold Pakistan accountable for the attack, instead equates Hindus with Jaish Terrorists.

Congress IT Cell head shares NDTV’s half truth to discredit Vande Bharat Express, insensitively drags Pulwama terror attack

In a rush to discredit the success of India's fastest train 'Vande Bharat Express', Congress' Divya Spandana not only resorted to propagating fake news but also went on to pass some insensitive statements regarding the recent Pulwama terror attack

Congress supporting abusive troll claims Pulwama was an inside job by India

Sanjukta Basu is a very vocal Modi-hater and a bigot masquerading as a liberal feminist.

27 Revolutionary Guards killed by Pakistan supported terrorists: Iranian general warns Pakistan to act or face consequences

With Iran threatening retaliation after Prime Minister Narendra Modi assured Indians that there will be consequences, the signs appear to be ominous for Pakistan.

Navjot Sidhu sacked from Kapil Sharma Show after his shameful comments on Pulwama attack

Sidhu's non-stop praising of Pakistan and his going out of the way to hug General Bajwa during his visit in November was even criticised by his own Chief Minister, Captain Amarinder Singh. 

Assam: Assistant Professor at Icon Commerce College, Guwahati, suspended over objectionable Facebook post on Pulwama terror attack

Assam Police too has taken cognizance of a tweet that reported an objectionable post by Papri Banerjee who is an Assistant Professor of English at Icon Commerce College, Guwahati, Assam.
Image Source: twitter

Vajpayee govt was forced to release Masood Azhar because of hysterical media coverage, former AAP leader Ashutosh says

The veteran journalist who is currently running his own news portal in Hindi revealed that media coverage of the hijack incident created undue pressure on the central government and they had to accept the demands of the hijackers, which included the release of three terrorists.

Sonu Nigam, Kangana Ranaut blast those who preach peace to India after Pakistan sponsored terror attacks

"Why did they organise an event in Karachi in the first place when Pakistani artistes have been banned after Uri attacks", asked actress Kangana Ranaut over Shabana Azmi calling for a halt in the cultural exchange between the two countries.

Latest articles

Connect with us

136,689FansLike
109,576FollowersFollow
22,925SubscribersSubscribe

Don't miss these