Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
Can Trump wield his big stick?
access_time 22 Nov 2024 10:39 AM GMT
election commmission
access_time 22 Nov 2024 4:02 AM GMT
Champions Trophy tournament
access_time 21 Nov 2024 5:00 AM GMT
The illness in health care
access_time 20 Nov 2024 5:00 AM GMT
The fire in Manipur should be put out
access_time 21 Nov 2024 9:19 AM GMT
America should also be isolated
access_time 18 Nov 2024 11:57 AM GMT
DEEP READ
Munambam Waqf issue decoded
access_time 16 Nov 2024 5:18 PM GMT
Ukraine
access_time 16 Aug 2023 5:46 AM GMT
Foreign espionage in the UK
access_time 22 Oct 2024 8:38 AM GMT
exit_to_app
Homechevron_rightIndiachevron_rightED grills Times...

ED grills Times Group's management over FEMA inquiry

text_fields
bookmark_border
ED grills Times Groups management over FEMA inquiry
cancel

New Delhi: The management that publishes The Times of India Group of publications has been questioned by Enforcement Directorate (ED), The Indian Express reports.

Top managers of the Bennett Coleman and Company Limited (BCCL) faced rounds of question by the central agency, alongside requesting supportive information from offshore destinations, the report said.

ED has summoned over the past few weeks to its headquarters in Delhi the company's officials including Sivakumar Sundaram who is Chairman, Executive Committee (CEC) of the company and Himanshu Agarwal, its Chief Financial Officer (CFO).

Sourcing out officials the Indian Express reported that ED is focusing on transactions involving over Rs 900 crore between BCCL and entities in tax haven in British Virgin Islands (BVI).

ED is questioning the management to learn about alleged violations of the Foreign Exchange Management Act (FEMA) and Prevention of Money Laundering Act (PMLA), according to the report.

Neither the agency nor authorities at BCCL would give details about the questioning to the Indian Express.

As per the balance sheet of the company, according to the report, one MX Media Co Ltd is incorporated in BVI, showing its status as a "subsidiary" in 2017-18 with the parents company holding 52.35% equity.

Subsequently, the status was changed to "associate" company alongside the parent company's equity diluted to 40.36% in the years 2019-2020 and 2020-2021.

There are other "associate" companies of the Group listed in BCCL's balance sheet, which have been incorporated in South Korea, China and Singapore, The Indian Express said.

Show Full Article
TAGS:EDTimes GroupFEMA inquiry
Next Story