Foreign Exchange Management Act breach: Enforcement Directorate notice to NDTV, owners

The Enforcement Directorate (ED) has issued notices to New Delhi Television (NDTV) Ltd and others for Foreign Exchange Management Act (FEMA) contraventions relating to the foreign direct investment of Rs 1,637 crore and overseas investments of Rs 2732 crore. 

The agency has sent notices Prannoy Roy, Radhika Roy, Vikram Chandra and others for their role in violation of FEMA. Prannoy Roy and Radhika Roy owns NDTV and Chandra was NDTV’s group CEO for almost two decades. 

Apart from them, Harpreet Singh Duggal, Director M/s NGEN Media Services Pvt. Ltd, Anshuman Misra, Director of Turner General Entertainment Networks India Pvt. Ltd , Sameer Chandran Nair, earlier Director in NDTV Imagine Pictures Ltd and Alliance Lumiere Ltd., Grant Scott Ferguson, Director of South Asia Creative Assets Ltd. have been made noticees for their role in FEMA contraventions.

“The probe revealed NDTV received a FDI of Rs 725 crore and that only Cabinet Committee on Economic Affairs (CCEA) was competent to permit FDI in excess of Rs 600 crore, in the case of NDTV but no CCEA approval was taken,” said ED.