International

G-20 Meet To Be Held In Ladakh

Ladakh

India is now planning to hold some events related to the G20 summit in 2023 in Ladakh too although China and Pakistan already opposed its plan to hold some meetings linked to the conclave in Jammu and Kashmir.

Indian and Chinese troops have been involved in a border standoff in eastern Ladakh since May 2020, and the government’s proposal to hold the meetings in the Union Territory is likely to be seen as a snub to China. Pakistan and China are also likely to oppose India’s plan to hold some events in Ladakh. External Affairs Minister S Jaishankar and Wang have reached Bali in Indonesia to participate in the G-20 foreign ministers’ meeting on  July 7 and 8.

India’s proposal to hold the preparatory meetings of the international grouping in 2023 in J&K had invited sharp reactions from Pakistan, which said that it hoped that members of the grouping would be fully cognizant of the imperatives of law and justice and oppose the proposal outright. China later voiced its opposition to the Indian government’s move, saying “relevant parties should avoid complicating the situation with the unilateral move”.

A spokesperson of the Chinese Government’s Ministry of Foreign Affairs told journalists in Beijing that the dispute between India and Pakistan over Jammu and Kashmir should be resolved according to the United Nations charter and no side should take unilateral moves that might complicate the situation.

The G-20 brings together the world’s major economies. This will be the first major international meet to be held in the former state since August 2019, when J&K was stripped of its special status (Article 370 and 35A) and divided into the Union Territories of J&K and Ladakh.

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Enforcement Directorate Investigating Times Group For Links To Offshore Funds, Entities: Reports

Shashank
Times Of India

One of the largest media conglomerates in the country, the BCCL runs news brands across various media, including newspapers, such as The Times of India; TV channels, such as Times Now.

New Delhi: Media conglomerate Bennett Coleman Company Limited (BCCL), the parent company of the  Times Group is facing investigation by the Enforcement Directorate (ED), as reported by the Indian Express.

Top executives of the group have faced multiple rounds of questioning by the probe agency, which is also thought to be investigating the BCCL’s dealings with subsidiaries incorporated in foreign countries, including tax haven, the British Virgin Islands.

One of the largest media conglomerates in the country, the BCCL runs news brands across various media, including newspapers, such as The Times of India; TV channels, such as Times Now; and digital and radio brands as well.

According to the newspaper,  top executives of the company, such as CFO Himanshu Agarwal and chairman of the executive committee, Sivakumar Sundaram, have been asked to appear before the central probe agency at the agency’s headquarters in New Delhi for questioning.

The inquiries are being conducted in connection with violations of the Foreign Exchange Management Act (FEMA). Transactions worth Rs 900 crore with entities in the British Virgin Islands are reportedly being investigated.

However, the group is currently not facing any charges under the Prevention of Money Laundering Act (PMLA), thought to be more stringent legislation.

The BCCL balance sheet reportedly shows MX Media Company Limited as being one of its subsidiaries. MX Media is incorporated in the British Virgin Islands.

While this company was shown as being a subsidiary of the BCCL in FYs 2017-18 and 2018-19, with the BCCL owning a majority stake in it, the conglomerate’s equity in the same was subsequently diluted and MX Media was listed as an ‘associate’ in FY 2019-20 and 2020-21.

The ED has reportedly sent formal requests overseas to corroborate information, however, the specifics of the information sought are not yet known.

Moreover, the BCCL’s balance sheet also contains ‘associates’ incorporated in other countries, such as China, South Korea and Singapore.

The Express report also cites data from the Registrar of Companies to show that the BCCL’s revenue was been dwindling since the onset of the pandemic. In 2018-19, the company registered a profit of Rs 484 crore and the next year, 2019-20, its total revenue from operations stood at Rs 9,611 crores.

However, from the first year of the pandemic, 2020-21, revenue fell to Rs 5,337 crore and losses went from Rs 451 crore in 2019-20 to Rs 997 in 2020-21.

 

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