NDTV writes to BSE upon SEBI's Rs 10 Lakh Fine Imposition
In its recent act of reprimand, the Securities and Exchange Board of India (SEBI) imposed a fine on NDTV of Rs. 10 Lakh, along with Rs. 3 Lakh fine to four individual promoters- Prannoy Roy, Radhika Roy, Vikramaditya Chandra (the then group CEO) and Anoop Singh Juneja (compliance officer) for delayed disclosures under the Listing Agreement and the Insider Trading Regulations, post which, NDTV has written to BSE stating to obtain appropriate legal advice on the matter after SEBI declares the imposed fines formally.
NDTV has written to the Bombay Stock Exchange (BSE), where they clearly mentioned of not having received any formal communication from SEBI on the imposed fine as on 19th March 2018. As per the letter, NDTV stated that, “The Company checked SEBI’s 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 Hon’ble High Court of Bombay.”
As per the SEBI order for the four individuals fined, the SEBI order read that, "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." The amount of penalty is to be paid within 45 days of the receipt of the order, according to the SEBI order.
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