The Enforcement Directorate (ED) informed the Delhi High Court that it has completed the investigations against Zee, Star and Sony TV companies into the alleged Foreign Exchange Regulation Act violations related to revenue earned by them from advertising in India.
The Enforcement Directorate in its status report said Sony and Star TV companies had entered into agreements with at least eight companies for promoting their advertisements, even though the advertisers were “not eligible” to give the same to any overseas TV media.
However, the court directed Zee to file its reply by January 21. Zee had challenged ED proceedings against it.
The PIL, filed by one Ajay Jain alleged that Zee, Star and Sony, which are foreign companies, had taken out of India, foreign exchange worth Rs 3,500 crore since 1993, earned as revenue from advertisements.