Delhi HC Rules in Favor of Times Internet & BCCL, Quashes ED's NOC Rejection

The Delhi High Court quashed the Enforcement Directorate’s (ED) decision to reject the No Objection Certificates (NOCs) sought by Times Internet Limited and its parent company, Bennett Coleman & Co. Ltd. (BCCL), for remitting funds abroad under the Foreign Exchange Management (Overseas Investment) Rules, 2022.

The petitioners, having a history of compliant overseas investments, challenged the arbitrary rejection without clear justification.

The Court noted that the ED’s actions, including issuing summons without substantial evidence of contravention under FEMA, violated principles of natural justice.

It concluded that the petitioners were entitled to approach the Authorised Dealer for remittance and further investments in their wholly owned subsidiaries abroad.