The Enforcement Directorate (ED) has issued a Show Cause notice to NDTV Ltd in connection to alleged contraventions of Foreign Exchange Management Act (FEMA). The alleged offence pertains to a receipt of FDI worth Rs 1,637 crore and overseas investments to the tune of Rs 2,732 crore by NDTV.
According to the ED, the FIPB documents also projected FDI differently as Rs 585 Crore (USD 130 Million @ Rs 45 per Dollar). However, FDI finally received by NDTV was allegedly $163 million.
Probe, the agency said, is still underway.
According to the ED, the total FDI contraventions are worth Rs 258,78,13,574 crore, and total Outward Direct Investment (ODI) contraventions are allegedly worth Rs 446,37,90,000 crore.
Notices have been issued to Prannoy Roy, Radhika Roy, Vikram Chandra and others.
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