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ED issues show-cause notice to NDTV for FEMA violation

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New Delhi, Oct 18 (IANS) The Enforcement Directorate (ED) on Thursday served a show-cause notice on news broadcaster NDTV for allegedly flouting foreign exchange regulations in availing of overseas and foreign direct investment facilities of over Rs 4,300 crore.

In a statement, the financial probe agency said: “The investigation showed FEMA (Foreign Exchange Management Act) 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 show-cause notice, issued under the FEMA, was issued to the founders and executive co-chairpersons of the group — Prannoy Roy and Radhika Roy, journalist Vikram Chandra and a few others.

THe ED also issued notice to Harpreet Singh Duggal of NGEN Media Services Pvt. Ltd, Anshuman Misra of Turner General Entertainment Networks India Pvt Ltd, Sameer Chandran Nair, who was earlier Director in NDTV Imagine Pictures Ltd and Alliance Lumiere Ltd, Grant Scott Ferguson of South Asia Creative Assets Ltd.

The financial probe agency said: “The investigation revealed that NDTV received FDI of Rs 725 crore and that only CCEA (Cabinet Commiittee on Economic Affairs) was competent to permit FDI in excess of Rs 600 crore.”

“In the case of NDTV no CCEA approval was taken,” it said, adding that the FDI was projected as below Rs 600 crore as part of “larger conspiracy”.

“While applying for FIPB Foreign Investment Promotion Board) approval, NDTV projected FDI as varying between $130-160 million. Documents of FIPB section also projected FDI differently as Rs 585 crore ($130 million at Rs 45 per dollar).

“However, FDI finally received by NDTV was $163 million,” it said.

The ED also said that there were offences to the tune of Rs 1,378 crore in respect of delays in reporting and filing information with RBI (Reserve Bank of India) such as Foreign Inward Remittance Certificate, FCGPR, FCTRS etc. and delays in allotment of shares.

“Delays were also recorded in reporting and filing information with RBI such as ODA form, annual performance report etc. to the tune of Rs 2,286 crore,” it said.

It said that further, NDTV Imagine Ltd., then a subsidiary of NDTV Ltd. (now known as Turner General Entertainment Networks India Pvt. Ltd.), has also been charged with delays in filing and reporting information with RBI to the extent of Rs 853 crore.

NDTV Ltd’s another subsidiary — NGEN Media Services Pvt. Ltd., which has now been merged with Genpact India Ltd — has also been charged with delays in reporting and filing information with RBI to the extent of Rs 30.48 crore.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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