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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
Updated:
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.
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).
On 29 December 2020New Delhi Television has stated on several occasions, including in disclosures to the exchanges, 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 29 December 2020 by the Securities and Exchange Board of India (SEBI) imposing a penalty of Rs. 5 crore 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 (VCPL).
IRDAI draws flak from Securities Appellate Tribunal in Reliance General Insurance case
As IDBI was looking for buyers, it had asked Reliance Capital and RGIC to furnish updated financial details of RGIC so that potential buyers may get the latest data.
Synopsis
The tribunal, which hears appeals on securities, pension and insurance related matters, said that IRDAI ‘totally failed’ to exercise its regulatory powers and was instead acting as a ‘postman’ in the case.
MUMBAI: The Securities Appellate Tribunal (SAT) has criticised the Insurance Regulatory and Development Authority of India (IRDAI) for its handling of the Reliance General Insurance (RGIC) matter.