New Delhi Television Limited board to approve FY21 results on May 20, 2021
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Justice For Every Child - An Initiative By Kailash Satyarthi Children s Foundation And NDTV
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NDTV fined Rs. 5 crores by SEBI
Posted On: 2020-12-29 21:52:49 (Time Zone: Arizona, USA)
New Delhi Television Limited (NDTV / the Company) had earlier announced that journalists Radhika and Prannoy Roy, who are its Founders and Promoters, continue to hold majority stake with 61.45 percent of the paid up share capital of the Company. There has been no change in control through any arrangements or transactions with third parties. Any report or allegation to the contrary is baseless.
Therefore, the Company will appeal urgently against an order dated December 29, 2020 by the Securities and Exchange Board of India (SEBI) imposing a penalty of Rs. 5 crores on the Company under Section 23E of the Securities Contracts (Regulation) Act, 1956 for alleged non-disclosure of the loan agreements entered into in 2009-2010 by the Founders with Vishvapradhan Commercial Private Limited (VCPL).
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.