“The order noted that VCPL had acquired indirect control through a loan agreement in 2009, which would have necessitated an open offer at the time. The regulator has now asked for this open offer to be made with interest,” Business Standard reported. CLICK HERE TO READ FULL REPORT.
Meanwhile, the Bombay High Court on Tuesday directed the Reserve Bank of India (RBI) to consider the compounding applications filed by news organisation NDTV in a case of alleged violation of the Foreign Exchange Management Act (FEMA).
“The Bombay High Court has today directed the Reserve Bank of India (RBI) to consider the compounding application(s) filed by the Company. The Court has ruled in favour of the writ petition number 2026/2017 filed by NDTV against the RBI and Enforcement Directorate,” NDTV said in a BSE filing on Tuesday. CLICK HERE FOR THE BSE FILING
“NDTV had approached the Bombay High Court against the RBI's refusal to consider its compounding applications in circumstances where the RBI was relying on the Enforcement Directorate's unsubstantiated allegations against NDTV. The Bombay High Court has today quashed the directive issued by the Enforcement Directorate to RBI which had prevented the compounding, “ it added.