Mumbai: The Enforcement Directorate (ED) has issued notices to two top officials of the Anil Ambani-owned Reliance Media Works Private Ltd., to appear before it this week. The matter in connection with the conversion of Adlabs Limited into Reliance Media Works Limited.
Sources revealed that notices were sent to Ramesh Venkat and Amitabh Jhunjhunwala to appear before the Mumbai branch of the Enforcement Directorate, as they were the authorized signatories of Reliance Media Works Limited. Both officials were issued notices to appear before the ED under Section 37 of the Foreign Exchange Management Act (FEMA), along with Section 131(1) of the Income Tax Act.
It has been revealed that the summons centers on the activities of Adlabs Ltd. at the time of issuance of Foreign Currency Convertible Bonds (FCCB), and the commercial relationship of Adlabs, now Reliance Media Works Limited, with London-based BT Globenet Nominee’s Limited.
The ED has also asked both Reliance Media Works Limited officials to provide details of the shareholding pattern of the company, besides information on the inflow and outflow of FCCB proceeds from the company’s bank account.