The Enforcement Directorate (ED) has recorded the statements of top functionaries of Bennett, Coleman and Company Limited (BCCL), which owns multiple media and entertainment brands and is the publisher of the Times of India Group of publications, under the Foreign Exchange Management Act (FEMA), The Indian Express has reported.
“Over the past few weeks, Sivakumar Sundaram, Chairman, Executive Committee (CEC) of the company; and Himanshu Agarwal, its Chief Financial Officer (CFO), have been called in for questioning at the ED headquarters in New Delhi,” said the report. The ED did not respond to a query about the report.
It said that “among BCCL’s financial transactions under the scanner are those to the tune of over ₹900 crore between the company and entities in global tax haven British Virgin Islands (BVI)”.
