NDTV writes to BSE after SEBI slaps Rs. 10 lakh fine for disclosure lapses
After securities market regulator SEBI slapped a fine of Rs. 10 lakh on NDTV and Rs. 3 lakh each on four other individuals including promoters Prannoy Roy and Radhika Roy, NDTV wrote to BSE that it will obtain appropriate legal advice on the matter after SEBI makes a formal communication about the fines imposed.
SEBI (Securities and Exchange Board of India,) imposed the fine for delayed disclosures under the Listing Agreement and the Insider Trading Regulations.
âThe Company checked SEBIâs website for the said order and found that SEBI has passed an order on March 16, 20I8 in the matter of the show cause notice dated 20.8.2015 while the said Writ Petition is still pending before the Honâble High Court of Bombay,â said NDTV in the letter to Bombay Stock Exchange (BSE).
Although the SEBI order is dated March 16, 2018, the company has still not received any formal communication from SEBI imposing the said fines, NDTV claims in the letter to BSE on March 19, 2018.
Besides putting a fine of Rs. 10 lakh on NDTV, Prannoy Roy, Radhika Roy, Vikramaditya Chandra (the then group CEO) and Anoop Singh Juneja (compliance officer) have also been fined Rs. 3 lakh each.
"These people constitute the management of the company responsible for the day-to-day and overall operations. Further, it is an admitted fact that the decision not to disclose the tax demand was a conscious decision taken by the management of NDTV," read the SEBI order.
According to the order, the amount of penalty is to be paid within 45 days of the receipt of the order.
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