SC junks plea challenging order to consider NDTV's application under FEMA

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SC junks plea challenging order to consider NDTV's application under FEMA - Business Standard

Quick Summary:

The high court, in its 2018 order, set aside objections raised to the compounding proceedings by the Enforcement Directorate (ED), which had earlier flagged the alleged Foreign Exchange Management Act (FEMA) violations and issued showcause notices to NDTV.

The Supreme Court on Monday dismissed a plea by the ED challenging a Bombay High Court order, which directed the RBI to consider the compounding applications filed by NDTV in a case of alleged FEMA violation.

In November 2015, the ED issued showcause notices to the news organisation for allegedly flouting foreign exchange regulations while availing of overseas and foreign direct investment facilities to the tune of more than Rs 2,000 crore.