Chandra promises to furnish details on foreign holdings to ED in two weeks

The Delhi High Court on Tuesday said it saw no need to involve itself any further in a dispute between the Zee Group chairman Subhash Chandra and the Enforcement Directorate (ED) on the one hand and the Income Tax Department on the other after his counsel committed to file replies to ED queries within two weeks.

Chandra has been accused of violations under the Foreign Exchange Regulations Act (FERA) as well as the Income Tax Act, according to the Press Trust of India.

The ED queries relate to Chandra's passport, original intimation by him to the companies in which he was a director and copies of the company board's resolutions for audited balance sheets showing acknowledgement of his status as an NRI director. Chandra was also required to provide details of all assets acquired outside India as well as details of share debentures, movable and immovable properties acquired after becoming an NRI.

Zee's counsel told the court that complete details as required by the ED would be supplied within two weeks.

FINANCIAL RESULTS: In another development meanwhile, Zee Telefilms has informed the Bombay Stock Exchange that it will publish its audited financial results for the year ended 31 March on or before 30 June.

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