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The Securities Appellate Tribunal (SAT) while directing Securities and Exchange Board of India (SEBI) to file a reply, has asked New Delhi Television Ltd (NDTV) promoters Dr Prannoy Roy and Radhika Roy to deposit 50% of the disgorged amount with SEBI in four weeks. In November 2020, SK Mohanty, whole-time member (WTM) of SEBI has asked Dr Roy and his wife Radhika to jointly or severally, disgorge the amount of wrongful gain of Rs16.97 crore along with an interest, made for a transaction in December 2007 and April 2008.
Both Dr Roy and Ms Roy approached SAT against the SEBI order. One of the contentions which arise for the SAT bench comprising justice Tarun Agarwala, Dr CKG Nair and justice MT Joshi for consideration was whether there has been an undue delay in the initiating proceedings when transactions were made on the stock exchange platform.
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SEBI Fines NDTV Rs 5 Cr Over Disclosure Lapses; Co To Appeal Against Order
The regulator noted that NDTV was aware of such loan agreements with effect from August 5, 2015, which is the date of its board meeting, in which agenda of updating the board about regarding change of control issue flowing from VCPL agreements were put forth by promoters.
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Markets regulator Sebi on Tuesday imposed a penalty of Rs 5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements but the company denied the charges and said it will appeal against the ruling.
Sebi fines NDTV ₹5 crore over disclosure lapses; company to appeal against order
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Updated:
December 30, 2020 08:23 IST
The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd.
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The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd. Markets regulator Sebi on Tuesday imposed a penalty of ₹5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements but the company denied the charges and said it will appeal against the ruling. The loan agreements had clauses and conditions that substantially affected the functioning of the media company, Sebi said in its order.
Sebi Fines NDTV Rs 5 Crore Over Failure to Disclose Info About VPCL Loan Agreements
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Markets regulator Sebi on Tuesday imposed a penalty of Rs 5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements. The loan agreements were containing clauses and conditions that substantially affected the functioning of the media company, Sebi said in its order.
The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with Vishvapradhan Commercial Private Ltd (VCPL). As per Sebi, a loan amount of Rs 350 crore was borrowed by the promoters of NDTV under the VCPL loan agreement in 2009 to repay earlier loan availed from ICICI Bank and a second loan agreement with VCPL was signed for Rs 53.85 crore a year later.
SEBI fines NDTV Rs 5 crore for withholding price-sensitive information
The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with VCPL
PTI | December 29, 2020 | Updated 20:27 IST
Last week, the regulator imposed a total penalty of Rs 27 crore on NDTV promoters
Markets regulator Sebi on Tuesday imposed a penalty of Rs 5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements.
The loan agreements were containing clauses and conditions that substantially affected the functioning of the media company, Sebi said in its order.