Enforcement Directorate (ED) has raided offices of top companies of country for not paying royalties to the artist and music composers. The companies are Yash Raj films, Universal Music, Saregama Music, Sony Music and T-series. The case has been registered under money laundering act.
Enforcement Directorate has found these companies are not paying the royalties to artist and music composers for the songs but as per policy music companies has to share the royalties with the artist and music composers if they are played as called tune or used as for any commercial use.
Senior official of Enforcement Directorate has confirmed to Moneycontrol that the searches are due to non-payment of royalties.
“As of now it has been found that more than Rs 1,000 crore worth of dues have not been be paid to artists and these companies have cheated on artists by not paying money. We have been getting so many complaints in these regards.”
In coming days, we will call promoters of these companies for interrogation, the official added.