Will appeal against SEBI’s penalty: NDTV

Broadcaster ‘yet to receive order copy’ News broadcaster and listed entity New Delhi Television Limited (NDTV) will file an appeal against the monetary penalty of ₹1200000 that has been imposed on the company by the Securities and Exchange Board of India (SEBI) for alleged delay in making mandatory disclosures. In a stock exchange statement issued on Wednesday, the company said while it had not received a copy of the order yet, it would file an appeal when it received the order and believed that the order would be set aside. “With respect to the media reports about an order having been passed by the Securities and Exchange Board of India against New Delhi Television Limited imposing a penalty of ₹12,00,000... due to certain alleged non-compliances... by the company, we wish to inform you that the company has not received any such order from SEBI,” stated the company statement. “However, an order dated June 17, 2019 passed by SEBI to this effect has been uploaded on the SEBI website. The company will be filing an appeal against the said order if and when the same is received by the company, and as per advice received by the company, this order is likely to be set aside in appeal,” it added. On June 17, the capital markets regulator passed an adjudication order, imposing a penalty of ₹1200000 for alleged delay in disclosing the change in ownership of the shares of the company. As per the SEBI order, the company failed to make timely disclosures about Indiabulls Financial Services acquiring 6.4% stake in the company and thereafter the promoters acquiring 20.28% shares post an open offer. According to SEBI, there was a delay of 170 days in making the required disclosures. SAT stays SEBI ban The firm’s statement comes a day after it received relief from the Securities Appellate Tribunal (SAT) against the SEBI order that barred the promoters (Prannoy Roy and wife Radhika Roy) from holding any directorship in the firm for allegedly concealing material information from shareholders while entering into loan agreements between 2008 and 2010. While staying the SEBI order, the tribunal said that it would hear the matter on September 16, and in the meantime barred the two individuals from creating any encumbrance on their holding in the company.