NDTV Gets Showcause Notice From ED, Shares Fall by 7%
The Enforcement Directorate has served a showcause notice to NDTV for allegedly violating forex norms.
News broadcaster New Delhi Television Ltd (NDTV) has received a showcause notice from the Enforcement Directorate for allegedly violating forex norms.
The company along with Dr. Prannoy Roy, Executive Co-Chairperson, Mrs. Radhika Roy, Executive Co-chairperson, Mr. K.V.L. Narayan Rao, Executive Vice Chairperson and NDTV Studios Ltd. (erstwhile subsidiary of the Company since merged with the Company), have on November 19, 2015 received a showcause notice from the Directorate of Enforcement as to why adjudication proceedings should not be held for alleged contraventions of provisions of FEMA (Foreign Exchange Management Act).NDTV in a Filing to BSE
Following this showcasue notice, the shares of NDTV ltd have dropped by 7%.
NDTV added that the allegations of the contraventions of FEMA norms in the showcause notice are not “legally tenable” and that the company will file a reply to the ED notice soon.
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