Sunday, July 5, 2020
Home Media SAT upholds SEBI penalty of ₹2.10 crore on NDTV, ₹3 lakhs each on 3...

SAT upholds SEBI penalty of ₹2.10 crore on NDTV, ₹3 lakhs each on 3 directors for not disclosing tax demand on time

The order states that the Directors cannot escape their liability of the penalty imposed, because the decision to not disclose the tax demand was a conscious decision taken by the company

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

The Securities Appellate Tribunal (SAT) has upheld two orders of SEBI imposing a penalty of ₹2 crore on NDTV and ₹20 lakh on the company and the directors of the company. The market regulator had imposed the fines for failing to furnish information on time and failing to comply with listing conditions.

In 2015, the Securities and Exchange Board of India (SEBI) had imposed a fine of ₹2 crore on New Delhi Television for late disclosure of the fact that the company had received a tax demand of ₹450 crore from the income tax department. I-T department had raised the demand after assessing the income of NDTV for the assessment at ₹833.33 for the assessment year 2009-10, against the loss of ₹64.83 declared by the company in its return.

NDTV had received the tax demand in February 2014, but it didn’t inform the stock exchange about the same, thereby violating listing norms of exchange. The Exchanges came to know about the fact three months later, only after the company disclosed it in its annual report. Therefore, SEBI had imposed a fine of ₹2 crore on the company in 2015, as listed companies are required to disclose any “material event” immediately. Of this, ₹25 lakh was imposed for failing to furnish information on time, and ₹1.75 crore fine was imposed for failing to comply with listing conditions

In 2018, SEBI had imposed an additional penalty of ₹10 on NDTV, ₹3 lakhs each of the 3 directors, and ₹3 lakh on the compliance officer Anoop Singh Juneja. Juneja was fined ₹2 lakh for violation of listing norms, and ₹1 lakh for violation disclosure practices. This additional fine on NDTV was imposed under the prevention of insider trading guidelines, while the directors were fined for violating the listing agreement. The three directors fined by SEBI are Prannoy Roy, Radhika Roy and Vikramaditya Chandra. NDTV had filed an appeal with the SAT against the SEBI order in 2018.

The SAT found that NDTV indeed violated clause 36 of the listing agreement by not disclosing the tax demand immediately. The Tribunal ruled that ‘material events’ have to be reported immediately as they have ‘material impact’. Justifying the penalty of ₹25 lakhs for non-disclosure, the SAT said that the AO could have even imposed a penalty of ₹1 crore, as it is a serious violation. The order also said that the ₹1.75 crore penalty for violating listing norms is justified. The SAT order states, “In our opinion, considering the material event which was not disclosed we are of the opinion, that the penalty imposed is just and proper in the circumstances of the case”.

SAT also upheld the additional penalty imposed on NDTV and the personal penalty imposed on three directors in 2018. The order states that the Directors cannot escape their liability of the penalty imposed, because the decision to not disclose the tax demand was a conscious decision taken by the company.

But the SAT said that imposition of the penalty of ₹2 lakh on compliance officer Anoop Singh Juneja was unjustified. The order states that the officer works under the direction of the board of directors, and the officer is not responsible for complying with the listing agreement. But the officer is liable for Corporate Disclosure Practices, and therefore the penalty of ₹1 lakh was upheld.

The full SAT order can be seen below.

[googleapps domain=”drive” dir=”file/d/1VkWmS1_U4sfQ9BvN31IqTujvPN7azV8U/preview” query=”” width=”640″ height=”480″ /]

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Trending now

China’s ‘Century of Humiliation’: How period between First Opium War in 1839 and victory of CCP in 1949 shapes China’s view about the world

The Chinese claim to Vladivostok is a stark reminder of the extent to which the 'Century of Humiliation' plays a very crucial role in shaping China's foreign policy.

Tahir Hussain not only planned and instigated the mob, but was also pelting stones and petrol bombs at Hindus: Chargesheet

While Dilbar Negi was dismembered and burnt alive, Ankit Sharma was mutilated, murdered and dumped in a Chand Bagh drain by a Muslim mob spearheaded by AAP leader Tahir Hussain

Uddhav Thackeray approves purchase of expensive new cars for ministers when Maharashtra is struggling to pay salaries to the govt employees

Even as Maharashtra faces acute crisis, the Uddhav Thackeray govt in has given its authorisation for the purchase of 6 new vehicles for its ministers.

Explained: Why is China now eyeing the Russian city of Vladivostok?

The territory of Vladivostok was a part of the Qing Dynasty of China and was handed over to the Russians via the Treaty of Peking in 1860.

Beef ban Haram, Dog Meat ban Halal: Hypocrisy of welcoming ban on dog meat in Nagaland after claiming people have the right to eat...

The Nagaland Cabinet has banned the sale of dog meat in the state following protests by animal rights activists.

Unfortunate that aspersions are being cast on how our brave Armed Forces are treated: Army calls fake news by Congress ‘malicious and unsubstantiated’

Congress party and its ecosystem launched a massive propaganda today claiming that the meeting of PM Modi with injured soldiers at Leh Military Hospital was staged.

Recently Popular

Swara Bhasker starrer web series gets record low ratings, leftist elites claim it is because she opposes BJP, not because it is bad

Swara Bhaskar starrer 'Rasbhari' streaming on Amazon Prime has got record low ratings on IMDb.

Congress leaders and anti-BJP trolls spread fake news that Modi’s visit to Leh military hospital was staged: Here are the facts

The Conference Hall of the Leh Army Hospital has been convereted into a ward for soldiers with minor injuries, that does not mean it is fake

Complaint registered against Hindustan Times reporter Srishti Jaswal for her Hinduphobic tweet against Lord Krishna

Complaint filed against journalist Srishti Jaswal for saing that Lord Krishna was womanizer, fuckboi, and commitment phobic maniac

Suspended Hindustan Times reporter issues apology after Hinduphobic tweet goes viral, says her comment is being taken out of context

Suspended Hindustan Times reporter Shristi Jaiswal has issued an apology after her Hinduphobic tweet went viral on social media.

No, BJP leader Vikas Dubey is not the gangster who killed 8 policemen in Kanpur, read how Congress trolls spread fake news

Several trolls took to social media to share an image of a BJP leader along with Uttar Pradesh Chief Minister to claim that the person was the notorious gangster Vikas Dubey, to allege that he belonged to BJP.

Amidst chants of Allah hu Akbar and ‘Jai Bheem Jai Meem’, Vinod Kashyap was murdered: The Dalit killing fields of North East Delhi

It was the 24th of February 2020 and the atmosphere was tense with anti-CAA protests turning into anti-Hindu Delhi riots

Latest updates and important links about COVID-19 coronavirus

Live statistics and tracking of news related to COVID-19 coronavirus with focus on India.

While Maharashtra govt threatens action against Patanjali for Coronil, state municipal corporations endorse “unani kadha” as a remedy against coronavirus

Several municipal corporations in Maharashtra have started promoting Unani Kadha to bookst immunity against Coronavirus

UK, UAE, EU, and Malaysia start crackdown on Pakistan’s official carrier PIA after report that 30% of Pakistani pilots have fake licenses

Several countries have started disallowing PIA flights after Pakistan aviation minister revealed that 30% of Pakistani pilots had fake licenses

Maharashtra Cyber Police start sending notices on Direct Message to Twitter users for posting ‘offensive’ tweets

The Maharashtra cyber police has aggressively pursued to stamp down opposing voices by dishing out notices on direct message

Guardian falsely claims China built radar tower near Pangong Tso lake in last few weeks: Read details

Satellite images and media reports show that China had built radar station near Pangong Tso lake years ago, not recently as Guardian claims

Journalists with The Wire and The Hindu indulge in brazen Hinduphobia, cast aspersions over Lord Hanuman’s sexual orientation

It appears that the only prerequisite to having gainful employment with the notorious leftist websites such as ‘The Wire’ and 'The Hindu' is to harbour and manifest Hinduphobic views.

ICMR refutes claims of unrealistic goal to release COVAXIN, says it is only cutting red tape, not any necessary clinical process

ICMR issues statement saying its expedited trial for Covaxin will bypass only red tape and files, not clinical tests

China’s ‘Century of Humiliation’: How period between First Opium War in 1839 and victory of CCP in 1949 shapes China’s view about the world

The Chinese claim to Vladivostok is a stark reminder of the extent to which the 'Century of Humiliation' plays a very crucial role in shaping China's foreign policy.

Tahir Hussain not only planned and instigated the mob, but was also pelting stones and petrol bombs at Hindus: Chargesheet

While Dilbar Negi was dismembered and burnt alive, Ankit Sharma was mutilated, murdered and dumped in a Chand Bagh drain by a Muslim mob spearheaded by AAP leader Tahir Hussain

Gujarat: Cops nab one Ismaeel Lashkar for raping a 4-year-old girl in Kutch

19-year-old Ismaeel Lashkar arrested for raping a 4-year-old girl one and half months ago in Gujarat's Kutch district

Connect with us

234,628FansLike
398,152FollowersFollow
269,000SubscribersSubscribe