|
This is with reference to the clarification provided by the Company vide its letter dated 30 September 2015 on certain tweets alleging receipt of show cause notice by Enforcement Directorate under the Foreign Exchange Management Act,1999 ("FEMA") against the Company.
In this regard, New Delhi Television announced that the Company along with Dr. Prannoy Roy, Executive Co-Chairperson, Radhika Roy, Executive Co-chairperson, K.V.L. Narayan Rao, Executive Vice Chairperson and NDTV Studios (erstwhile subsidiary of the Company since merged with the Company) have on 19 November 2015 received a show cause notice from the Directorate of Enforcement as to why adjudication proceedings should not be held for alleged contraventions of provisions of FEMA.
The Company has been advised that the allegations of the contraventions of provisions of FEMA in the show cause notice are not legally tenable and the Company will reply to the same within due course of time.
|