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 percent.
Source: IndianMediaBook - Television
