In a big setback to New Delhi Television Ltd. (NDTV), the Reserve Bank of India (RBI) rejected the Television (TV) channel’s application to compound from the Rs.2030 crores ($304 million) Foreign Exchange Management Act (FEMA) notice by the Enforcement Directorate (ED). NDTV’s move to file to RBI for compounding was an attempt to escape from prosecution by paying a fine and escape being tried under Prevention of Money Laundering Act (PMLA) which can mean a three to seven-year jail term for the accused persons.
NDTV’s case was a clear-cut instance of Money Laundering and the ED is expected to convert the FEMA violation case to that of a PMLA case.
Filing compounding application to RBI by those who served notice under FEMA means, that they have admitted their contravention in routing money from abroad and plead guilty by paying a fine. So NDTV admitted its guilt and offered its readiness to pay a fine. Many FEMA defaulters were using this compounding method to escape from being prosecuted under the FEMA. Continuing prosecution under FEMA also has a danger of converting the case to PMLA, when Money Laundering aspect is established.
NDTV’s case was a clear-cut instance of Money Laundering and the ED is expected to convert the FEMA violation case to that of a PMLA case. So Lutyens Delhi’s top lawyers advised NDTV to opt RBI compounding method to try and close the case by paying a fine. After RBI’s rejection of NDTV’s petition, the ball has again landed in ED’s court.
The Government noticed that many were trying to escape using this route and the Prime Minister’s Office (PMO) has ordered to plug the fraud and issued a circular that ED’s concurrence is a must for such RBI compounding. Due to this timely intervention, NDTV’s move to escape from frauds was nipped.
In November 2015, ED had slapped a fine of Rs.2030 crores on NDTV under FEMA for blatant violation of money routing. Income Tax has already slapped Rs.525 crores ($79 million) on NDTV, which has now started retrenching its staff and taking other cost cutting measures. How much longer before NDTV throws in the towel? Only time will tell.
Note:
1. The conversion rate used in this article is 1 USD = 66.78 Rupees.
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Being intense news watcher ,it seems and sure , NDTV news contents are absolutely anti India and looks teasing Indians , if enquire definitely will find it’s backup from somewhere from Muslim world whom via this media found propagating against current government chosen by Indian.In my view this channel should be banned.
All fraud media personnel should be put behind bars however influential they may be with politicians
Particularly Burka Dutt, Rajdeep Sardesai and Pranoy Roy have been flaunting their capacity to commit any crime against India and escape punishment using freedom of speech as an excuse. I wish all three are sent to a Sudanese household in Saudi Arabia as house maid/ house servants for a minimum of 2 years, before they can return to India
Corrupt politicians used Ndtv media as nexus to defraud Nation.Skeletons are tumbling out. Exemplary punishment must since they have also cast negative influence on people thru media.
Kudos to the team
NDTV comitted somany frauds,some in collaboration with Chidambaram.But I fail to understand why BJP Govt. is not taking any action against it.It seems nobody in the Govt has balls to funish such anti nationals.
Why do you think ED sent notice to NDT? Why do you think case is being investigated? Why do you think RBI rejected compounding appeal?
That is why Barka deserted the possible sinking ship
From first day when bjp came in power this NDTV was against bjp i already told that there is some things worng with this chanal this people are anti India. every time this NDTV said gov is not doing anything give them in jail. Should be bend this chanel
Must appreciate your consistent coverage on NDTV Frauds, the most sinful media of India.
That’s good news for honest people in India. who are all involved from corrupt NDTV team. PEMA is a must for Corrupts.
Bravo PGURUS. Keep up the good work. Keep pursuing NDTV frauds and ensure that crooks in NDTV are put behind bars sooner
strangel this hasbecome a case of self incrimination
Well done, congratulations.Sir, When will the book NDTV frauds, be available in book shops please ?
It is in print. It will be available from next week in Online eCommerce sites. Look out for the post and thanks for your support!
NDTV is itself a fraud,and biased channel ,always anti national, its conscience is maligned by leftists ideology, only minting money, should be black listed which will serve as a deterrent for all such disruptive elements.