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ED notice to NDTV for ‘FEMA violation’, not legally tenable says channel

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New Delhi: The Enforcement Directorate (ED) has issued a show-cause notice to private broadcaster NDTV about alleged violations of Foreign Exchange Management Act (FEMA) as the latter said it was not “legally tenable”.

The company, in a filing to the Bombay Stock Exchange, said it had on Thursday (November 19) received a show-cause notice in the name of Executive Co-Chairpersons Prannoy Roy and Radhika Roy as well as Executive Vice-Chairperson KVL Narayan Rao and NDTV Studios Ltd from the Directorate of Enforcement as to why adjudication proceedings should not be held for alleged contraventions of provisions of FEMA.

NDTV said it had been advised that the allegations of the contraventions of provisions of FEMA in the show cause notice were not legally tenable and it will reply to the same in due course of time.

NDTV had filed the notice during market hours, resulting in a sharp fall in its stock price by 7 percent. The stock which opened at Rs 87.35 on Friday morning fell sharply to Rs 82.40 before recovering to Rs 85.75, a decline of 2.56 per cent.

(IANS)

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Algeria Embarking ‘Clean Hands’ Campaign Against Corruption, Questions Tycoons

Corruption is a major complaint of the masses of protesters who helped drive longtime leader Abdelaziz Bouteflika from office earlier this month

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algeria, clean hands campaign, corruption
FILE - Protestors carry a large flag and chant slogans during a demonstration against the country's leadership, in Algiers, April 12, 2019. VOA

Algerian authorities are embarking on a “Clean Hands” campaign aimed at rooting out corruption that has been linked to top tycoons and current and former government officials. Corruption is a major complaint of the masses of protesters who helped drive longtime leader Abdelaziz Bouteflika from office earlier this month. New protests are scheduled for Friday.

Several influential Algerians have been questioned or arrested in recent days. Among them is Issad Rebrab, head of Algeria’s biggest private conglomerate Cevital, who is suspected of possible customs-related violations and other financial wrongdoing, according to prosecutors.

Rebrab, 75, is estimated by Forbes to be Algeria’s richest man and employs 18,000 workers in his agribusiness empire. He tweeted that he went in voluntarily for police questioning. He was questioned for six hours before being taken to the El Harrach prison.

clean hands campaign, corruption
Corruption is a major complaint of the masses of protesters who helped drive longtime leader Abdelaziz Bouteflika from office earlier this month. VOA

Others targeted include a legislator accused of accepting bribes from a Chinese company. Also detained for questioning this week were three wealthy brothers believed close to Bouteflika’s brother Said, and seven Industry Ministry officials suspected of “non respect of contractual commitments with state enterprises” and influence trading.

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The Kouninef brothers’ lawyers said they are respecting the legal procedures but need time to consult the case files before commenting. The brothers made their fortune in the oil, food and advertising businesses.

The highest court in Algeria announced in a statement Wednesday that it is considering a case against ex-energy minister Chakib Khelil for acts related to “violations of foreign exchange laws and transfers of capital to foreigners.” Khelil is a close friend of Bouteflika and a high school classmate. Other former ministers are also targeted. (VOA)