‘Flipping’ refers to process of transferring entire ownership of Indian entity to entity incorporated abroad along with transfer of key assets such as intellectual property. Resultant structure is Indian company becoming wholly owned subsidiary of foreign company.
First came the tax surveys, now the Enforcement Directorate has filed a case against BBC India for alleged foreign exchange violations. Emails, accessed exclusively by Firstpost, show that the broadcaster was aware of the change in rules introduced in 2019 but did little about it
The agency has alleged that funds remitted by the BBC group companies to the United Kingdom are illegal and in violation of FEMA rules. The ED has also charged at least one BBC group company of knowingly violating the FDI and foreign exchange rules
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