Wednesday, January 27, 2021
Home News Reports Not a good day for NDTV: A show cause notice from ED over irregularities...

Not a good day for NDTV: A show cause notice from ED over irregularities worth ₹4,369 crore and a ₹10,000 crore defamation suit

Controversial media house NDTV limited has been issued a show cause notice by Enforcement Directorate (ED) over violation of Foreign Exchange Management Act (FEMA) rules. The case relates to ₹1,637 crore that the media company had received as FDI, and overseas investment of ₹2,732 crore that the company had made.

Other than NDTV Limited, the notice has also been issued to Prannoy Roy, Mrs. Radhika Roy, Vikram Chandra and other associated with the company for their involvement in violation of rules. The companies alleged to have violated the FEMA rules include 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).

A statement issued by ED says that the media group had received an FDI worth ₹725 crore without obtaining approval from cabinet committee on economic affairs (CCEA). According to rules, CCEA is mandatory for FDI above ₹600 crore, but while applying for FIPB approval the company had projected the value of FDI at ₹585 crore, eliminating the need for CCEA clearance. The statement says that “FDI was projected as below ₹600 crore as part of a larger conspiracy.”

The agency said that “further investigation on this aspect is continuing.”

 

According to ED, an FDI of ₹319 crore received by NDTV Ltd violated the press note 1 of 2005 of DIPP, while a downstream investment of ₹138 crore was made without FIPB approval.

Talking about the FEMA violation, the statement says that “overseas investment made by the NDTV and offences of Rs 582 crore relate to contravention of substantive provisions of FEMA and the remaining contraventions of Rs 2,414 crore relate to delays in filing reports and other requisite information before RBI.”

NDTV has rejected the charges of violation of FEMA norms. In a statement posted on its website it alleged that the channel is being targeted for its fair and independent journalism.

The companies have also been charged with delays in filing and reporting information with RBI.

 

The media house was also hit with a defamation suit for ₹10,000 crores. Anil Ambani led Reliance group has filed the case in Ahmedabad court over the channel’s coverage of the Rafale deal. This was informed by CEO of NDTV group Suparna Singh on Twitter.

The lawsuit is filed against NDTV’s weekly show, Truth vs Hype, which aired on September 29. The hearing has been listed for 26th October and NDTV say they will contest the case. The channel has outright rejected any charges of defamation and said that they will present material in court to support its case.

This is the latest in the series of several defamation suits that Reliance Group has filed against several politicians and media houses over the allegations made over the Rafale deal.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

 

Related Articles

Trending now

Nirbhaya protests, blaming the govt and other excuses: Here’s how liberals came out to defend the Red Fort siege and the accompanying violence

Left-leaning liberals went on an overdrive to defend the desecration of Red Fort by the tractor rally protesters.

Rajdeep Sardesai lies twice, says ‘farmer’ was killed because the police shot him in the head: Here is the truth

In this way, those who had shared the fake news once would live under the false impression that it was indeed a case of police firing.

Hindus must ask now if their religious flag atop Lal Quila would be an acceptable sight

A lasting visual from this Republic Day, would be one of the Sikh flag unfurled atop the Red Fort, by violent Khalistanis

After violence was unleashed on streets of Delhi on Republic Day, ‘farmer’ body thanks ‘farmers’ for ‘unprecedented participation’

Samyukta Kisan Morcha further claimed that despite their efforts, 'some organisations and individuals' violated route and indulged in condemnable acts.

‘Flag of Khalistan is waving on Red Fort,’ ‘Historic Moment’: All Pakistan Muslim League celebrates “Black Day” for India

The All Pakistan Muslim League (APML) is celebrating the hoisting of the 'Khalistan Flag' at Red Fort on Republic Day.

During Delhi Riots, NDTV cropped stones from rooftop of mosques, now it paints violent mobs in tractor rally as humanitarian

NDTV tried to downplay the chaos by claiming that protesters made way for an ambulance that was stuck in Tractor Rally

Recently Popular

Protesting mob enters Red Fort, unfurl the Sikh flag, Terrorist outfit SFJ had demanded Khalistani flag to be hoisted: Details

The protestors have hoisted the flag on Red Fort that appears to be the Sikh Flag. Some believe it is the Khalistan Flag.

Professor who translated Rahul Gandhi’s “don’t need army if farmers are strong” speech in Erode faints after the speech: Reports

Muhammed Imran, who translated Rahul Gandhi's speech at Erode, collapsed after interpreting the speech from English to Tamil

‘Flag of Khalistan is waving on Red Fort,’ ‘Historic Moment’: All Pakistan Muslim League celebrates “Black Day” for India

The All Pakistan Muslim League (APML) is celebrating the hoisting of the 'Khalistan Flag' at Red Fort on Republic Day.

Here is how Congress and trolls tried to paint a Khalistani accused of spearheading the Red Fort siege as a ‘sanghi’

Deep Sidhu is accused of being responsible for the hoisting of the Sikh flag at Red Fort on Republic Day.

Is it actor Prosenjit Chatterjee in the portrait of Netaji Subhash Chandra Bose inaugurated by President Kovind? A fact check

It was claimed that it was actor Prosenjit Chatterjee in the portrait of Netaji Subhash Chandra Bose inaugurated by President Kovind.

Protesting ‘farmer’ spends Rs 35 lakh to modify his tractor for Republic Day rally

The modified tractor is fitted with huge wheels. It is said to withstand heavy rain and water cannon charge.
- Advertisement -

 

Nirbhaya protests, blaming the govt and other excuses: Here’s how liberals came out to defend the Red Fort siege and the accompanying violence

Left-leaning liberals went on an overdrive to defend the desecration of Red Fort by the tractor rally protesters.

Hundreds of children, artists for Republic Day were stuck at Red Fort crying, terrified by the mob: Reports

Around 200 artists of Republic Day parade were stranded since 12:00 PM near Red Fort. They were rescued by Delhi Police.

Here is how the Uttarakhand Youth Congress celebrated the Red Fort siege, incited violence by spreading fake news about protester death

The Uttarakhand Youth Congress shared a photograph from the Red Fort earlier today after the protesting mob breached its premises.

Here is how Congress and trolls tried to paint a Khalistani accused of spearheading the Red Fort siege as a ‘sanghi’

Deep Sidhu is accused of being responsible for the hoisting of the Sikh flag at Red Fort on Republic Day.

Rajdeep Sardesai lies twice, says ‘farmer’ was killed because the police shot him in the head: Here is the truth

In this way, those who had shared the fake news once would live under the false impression that it was indeed a case of police firing.

Tractor rally: Violence by the mob in Delhi leaves 83 policemen injured, attempt made to mow down Additional DCP with tractor

The tractor rally by farmers and Khalistanis in Delhi where they unleashed violence has left 18 policemen injured

Watch: Protestors throw away Tricolour, place Sikh flag on top of flag pole at Red Fort

Disturbing visuals emerge from the tractor rally on Republic Day.

Rahul Gandhi and CPIM use Republic Day insurrection to further their political agenda, demand repeal of farm laws

Sitaram Yechury and Rahul Gandhi are attempting to use the Republic Day violence to further the political agenda of their party.

Tractor rally on R-Day: Not just swords, violent protestors have come loaded with liquor too

Earlier, some violent protestors were seen attacking Delhi Police personnel with swords and trying to run them over with tractors.

Hindus must ask now if their religious flag atop Lal Quila would be an acceptable sight

A lasting visual from this Republic Day, would be one of the Sikh flag unfurled atop the Red Fort, by violent Khalistanis

Connect with us

245,563FansLike
496,912FollowersFollow
23,000SubscribersSubscribe