ED issues notice to NDTV for FEMA violations amounting to over Rs 4,000 crore
New Delhi : The Enforcement Directorate (ED) has issued a show cause notice to private television news channel NDTV for alleged violations of the forex law amounting to over Rs 4,000 crore, the central probe agency said Thursday.
“The investigation showed FEMA contraventions relating to receipt of foreign direct investment by NDTV to the extent of Rs 1,637 crore and the other relating to overseas investments to the tune of RS 2,732 crore,” the ED said in a statement.
The show cause notice, issued under the Foreign Exchange Management Act (FEMA), was issued to the founders and executive co-chairpersons of the group– Prannoy Roy and Radhika Roy–, journalist Vikram Chandra and few others.
The companies alleged to have contravened the FEMA are 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).
The ED said the offences identified in respect of the first alleged contravention in the receipt of FDI pertains to “substantive contraventions of Rs 319 crore by NDTV Ltd through contravention of press note 1 of 2005 and downstream investment of Rs 138 crore without FIPB approval.
“The remaining contraventions relate to delays under FEMA in respect of allotment of shares within permissible time limit of 180 days and delays in filing nomination with RBI and reporting requirements,” the agency said.
As part of the second violation that has been show caused, the ED said “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.”
The total contravention identified under the latest notice is Rs 4,369 crore.
The agency said it is further probing an instance of FDI received by the media group worth Rs 725 crore, which only the cabinet committee on economic affairs (CCEA) was competent to clear (cases of FDI in excess of Rs 600 crore).
“But, no CCEA approval was taken (by NDTV),” the ED alleged.
“FDI was projected as below Rs 600 crore as part of larger conspiracy. While applying for FIPB approval NDTV projected FDI as varying between USD 130-160 million. Documents of FIPB section also projected FDI differently as Rs 585 crore (USD 130 million at the rate of Rs 45 per dollar).
“Further, investigation on this aspect is continuing,” the agency said.
It added that there are additional “offences” under probe to the tune of Rs 13,78,68,77,738 by the group in respect of delays in reporting and filing information with RBI such as FIRC, FCGPR, FCTRS among others and delays in allotment of shares.
courtesy : indianexpress.com
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Bihar minister Nitin Nabin appointed BJP's national working president
New Delhi (PTI): Bihar Minister Nitin Nabin was on Sunday appointed as the BJP national working president and is likely to eventually succeed JP Nadda as its national president, signalling a generational shift in the ruling party.
Nabin, 45, son of late Nabin Kishore Prasad Sinha -- a veteran BJP leader and former MLA -- is considered dynamic and ideologically rooted, and deeply committed to the organisation, party leaders said.
A five-time MLA, he represents Bankipur assembly constituency in Bihar and has served twice as a minister in the Bihar Government.
His tenures as a minister in Bihar and his role as the party incharge of Chhattisgarh have been truly outstanding and marked by his effective organisational leadership, they said.
The BJP parliamentary board picked Nabin for the post.
"Bharatiya Janata Party's parliamentary board has appointed Nitin Nabin, a minister in the Bihar government, the Bharatiya Janata Party’s national working president with immediate effect," BJP national general secretary Arun Singh said in a notification.
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Nabin, who belongs to the Kayastha community, is likely to succeed incumbent BJP chief Nadda and is one of the youngest leaders to occupy the post, the leaders said.
Nadda, 65, was appointed the BJP President in January 2020 and has already completed his full term. He was granted extensions to lead the party through the 2024 Lok Sabha elections.
Congratulating Nabin on his appointment, Prime Minister Narendra Modi said he has distinguished himself as a "hardworking Karyakarta" and expressed confidence that his energy and dedication will strengthen the party.
"He is a young and industrious leader with rich organisational experience and has an impressive record as MLA as well as Minister in Bihar for multiple terms. He has diligently worked to fulfil people's aspirations.
"He is known for his humble nature and grounded style of working. I am confident that his energy and dedication will strengthen our Party in the times to come. Congratulations to him on becoming the BJP National Working President," PM Modi said on X.
Nabin has also worked extensively for Yuva Morcha. His appointment reflects the BJP’s focus on capable leadership and signals a generational shift, the leaders said.
BJP chief Nadda also greeted Nabin and said he was confident that the party would attain new heights under his leadership.
"I extend my heartfelt congratulations to the dynamic BJP leader from the sacred land of knowledge and culture, Bihar, and Minister in the Bihar Government, Shri Nitin Nabin ji on his appointment as the National Working President of the Bharatiya Janata Party.
"I am fully confident that under the guidance of the esteemed Prime Minister Shri Narendra Modi ji and your leadership, the organisation will reach new heights with the sentiments of nation-building and public service. Heartfelt best wishes for your illustrious and successful tenure," he said on X.
