ED slaps Rs 3.44 cr penalty on BBC WS India; fines 3 directors

New Delhi, Feb 21: The Enforcement Directorate has levied a penalty of more than Rs 3.44 crore on BBC World Service India for alleged contravention of foreign direct investment (FDI) regulations, agency officials said on Friday.

The federal probe agency also fined three of its directors with more than Rs 1.14 crore each as it issued an adjudication order against the British broadcaster under the Foreign Exchange Management Act (FEMA).

The adjudication proceedings were initiated after a show-cause notice was issued on August 4, 2023, to BBC WS India, its three directors, and the finance head for various “contraventions” under the said law.

BBC WS India, which is a 100 per cent FDI company, engaged in uploading/streaming news and current affairs through digital media but “did not” reduce their FDI to 26 per cent, and kept it at 100 per cent in “gross violation” of the regulations issued by the government of India, sources said.

The press note 4 issued by the Department for Promotion of Industry and Internal Trade (DPIIT) on September 18, 2019, stipulates a 26 per cent FDI cap for digital media under the government approval route, they said.

The total penalty levied on BBC WS India stands at Rs 3,44,48,850, along with a fine of Rs 5,000 for every day after 15.10.2021 till the date of compliance for violation of the provisions of FEMA, 1999, the sources said.

Three BBC directors — Giles Antony Hunt, Indu Shekhar Sinha and Paul Michael Gibbons — have each been fined Rs 1,14,82,950 for their roles in overseeing company operations during the period of contravention, they said. (PTI)

Hot this week

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

Truck switches lane and hits govt vehicle in Ri-Bhoi, 2 dead

Nongpoh, Oct 5: A government driver and his co-passenger...

HITO seeks clarity on MBBS state quota allotment

Shillong, Oct 5: The Hynñiewtrep Integrated Territorial Organisation (HITO)...

Conrad calls for unity, inclusiveness in Kerala

Shillong, Oct 5: Chief Minister Conrad K Sangma has...

Pak Defence Min warns India against any future military conflict

Islamabad, Oct 5: Two days after Indian army chief...

51 killed in landslides and floods triggered by downpour in Nepal

Kathmandu, Oct 5: At least 51 people have been...

Young Women’s Self-Leadership Self-Defense Basics

By Dilip Mukerjea, CEO Braindancing Inter national L.I.F.E. Coach,...

36 exotic animals smuggled from Bangkok seized at Mumbai airport

Mumbai, Oct 5 : Mumbai Customs on Sunday seized...
spot_img

Related Articles

Popular Categories