All overseas funds bonafide FDI by reputed investors, says NDTV

NEW DELHI: News broadcaster NDTV today said that all overseas funds received by the group have been bonafide FDI by reputed investors and there has been no wrongdoing on its part.
In a stock exchange filing containing "questions and answers clarifying the company's position on media reports being circulated on various forums", NDTV Ltd further said a "concerted campaign" was being run by some of its "enemies" for several years now and the charges levelled by them have been repeatedly rejected by the authorities and the courts.

"We have full faith in the authorities, including the ITAT and the Enforcement Directorate, and have no doubt that once they have heard our appeal, and we have responded to the showcause notice, respectively, they will also be fully convinced that there has been no wrongdoing," it added.

"We are putting out this FAQ to help people understand that the "charges" against NDTV are completely baseless," it said, while listing out various issues including the notices from tax department and ED, as also the issues relating to the capital raised by the group from foreign markets and through a strategic investment by American media giant NBCU.

"This was Foreign Direct Investment, of the sort that governments have been encouraging foreign investors to make," it said, while attaching all the relevant documents including about the government approvals.

On the impact of these charges on NDTV's reputation, the company said, "The whole episode has been somewhat kafka-esque, and shows that even the most straightforward of deals can become the subject of months and years of harassment, something that is not the best advertisement for 'ease of doing business'.

"There is always the danger that repetition of wild charges, no matter how baseless, could lead to some of the mud sticking. However, NDTV has done absolutely nothing wrong, and so eventually all of this is bound to be resolved in our favour."