BBC raids: India arm lost PF money in IL&FS, DHFL scam
BBC World Service India Private Ltd, whose offices were subject to a survey today by the income-tax authorities over non-compliance with the Transfer Pricing Rules, had to write off ₹7.2 crore from its pension fund following its exposure to the two tainted non-banking companies, IL&FS and DHFL. Tax authorities say the survey was in view of BBC’s deliberate non-compliance “for years”, with the transfer pricing rules and vast diversion of profits. The New Delhi-based subsidiary of the UK’s national broadcaster along with other group entities, BBC Studios India Pvt Ltd and BBC Global News India Pvt Ltd, has a provident fund scheme under a trust called the BBC Worldwide India Employees Provident Fund. The trust had an exposure of ₹2.85 crore and ₹4.35 crore in the securities of IL&FS and DHFL, respectively. It is not clear if the “securities” only refer to debt or equity as well. During the year (FY21), the company provided for ₹1.59 crore, including interest accrued till date, as ...