NDTV in the dock : SEBI imposes fine on the channel and its executives for disclosure lapses

Market regulator SEBI (Securities and Exchange Board of India) has imposed a penalty of Rs. 10 lakh on NDTV and Rs. 3 lakh each on four individuals, including promoters Prannoy Roy and Radhika Roy for certain disclosure lapses. This order is preceded by a probe by SEBI into the alleged delay in disclosure of income tax demand of about Rs. 450 crore, which has subsequently been challenged by NDTV, regarding the sale of some shares by a top company executive over four years ago.

In the order dated 16th March, the SEBI imposed a penalty of Rs. 10 lakh on NDTV and Rs. 3 lakh each on Prannoy Roy, Radhika Roy, Vikramaditya Chandra (Group CEO back in 2014) and Anoop Singh Juneja (Compliance Officer). The SEBI said there were allegations against K V L Narayan Rao, NDTV’s Executive Chairman, but proceedings against him were dropped after his death last year. The investigation by SEBI was conducted based on a complaint from Quantum Securities, a shareholder with NDTV, that the company did not disclose the order of the income tax department, within two days of receipt of information, to the stock exchanges.

Quantum Securities, had been associated with NDTV since 2006, but had a fallout with it within two years, following which the owners, Sanjay Dutt and his partner Sanjay Jain, have filed a series of complaint against NDTV’s promoters with the income tax department, SEBI, Ministry of Corporate Affairs and the Enforcement Directorate alleging fraud, money laundering and FEMA violations.

- Advertisement - - Article resumes -

In the said order, the SEBI has said the persons in charge of a company or principal officer are liable for the compliance of clause 36 of the listing agreement, which makes it mandatory for a listed company to disclose any information which is share-price sensitive. The order said that the above four persons have violated the listing agreement and therefore, liable to pay penalty.

Earlier, NDTV has already been penalised Rs. 2 crores through a different proceeding with respect to non-disclosure of the said income tax demand of Rs. 450 crore.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Nitin Gadkari at the receiving end: Is there a pattern?

Indian Express has a massive interview of Union Minister Nitin Gadkari in its March 23, 2019 edition.
AM Sheikh Dawood promised of offering 10 litres of free liquor monthly to the families in his constituency on his victory

Independent candidate from Tamil Nadu promises 10 litres of free liquor every month on winning elections

An independent candidate from Tamil Nadu has come up with a strange promise of offering 10 litres of free liquor every month to every family in his constituency

Shunned by the BJP, jilted Shatrughan Sinha goes on a rampage against the party, rumoured to join Congress

Shatrughan Sinha was visibly irked and had a Twitter meltdown after the BJP declared Ravi Shankar Prasad's candidature from Patna Sahib constituency

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel
Sapna Chaudhary denies rumours of her joining Congress

Embarrassment for Congress: Sapna Chowdhury says she never joined Congress, picture with Priyanka Gandhi old

Denying rumours, Sapna Chaudhary said that the photos in circulation on Internet were old
'Rahul Gandhi is running away from Amethi, not me': Smriti Irani on rumours BJP might field her from Wayanad

‘Rahul Gandhi is running away from Amethi, not me’: Smriti Irani on rumours BJP might field her from Wayanad

Smriti Irani rubbishes rumours that have surfaced about BJP thinking about fielding Smriti Irani from the Wayanad constituency too, to counter Rahul Gandhi. 
PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

Media chose to cover reactions of opposition leaders rather than Prime Minister Narendra Modi's scathing blog on Ram Manohar Lohia's 110th birth anniversary

Congress starts desperate efforts to shift Rahul Gandhi away from Amethi, third unit writes in few days

The Congress Amethi Unit has reportedly written to Rahul Gandhi urging him to contest from the Wayanad constituency from Kerala too
Smriti Irani to stay in amethi before the elections

Amethi praises Smriti Irani for working despite 2014 loss, talk about rail electrification, WiFi for Kalikan Dham devotees and more

Smriti Irani will be staying in Amethi among people and prepare her campaign strategy for the upcoming Lok Sabha elections

BJP’s ‘Main Bhi Chowkidar’ campaign a silver bullet against a formidable ecosystem

I predict that once the dust on 2019 General Elections is settled in May, the BJP’s tagline of 'Main Bhi Chowkidar' would be a textbook study on how to run a successful social media campaign.

Latest articles

Connect with us

148,934FansLike
120,561FollowersFollow
31,425SubscribersSubscribe

Don't miss these


Share This Post and Support: