NDTV
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Run-ins with the government
2018: Sebi fine: ₹10L on NDTV, ₹3L each on 4 executives
March 18, 2018: The Times of India
Markets regulator Sebi has fined media company NDTV of Rs 10 lakh and of Rs 3 lakh each on four top executives with the firm — Prannoy and Radhika Roy, Vikramaditya Chandra and Anoop Singh Juneja — for delayed disclosure of a Rs 450-crore income tax notice in 2014.
In its 23-page order, Sebi said there were allegations against K V L Narayan Rao, NDTV’s executive vice chairman, but proceedings against him were stopped after his death last year.
Sebi said it had conducted investigation based on a complaint received from Quantum Securities, a shareholder of NDTV, that the company did not disclose the order of the Income Tax Department, within two days of receipt of information, to the stock exchanges.
Sebi said that the persons in charge of a company or the principal officer are liable for the compliance of clause 36 of the listing agreement, which deals with disclosure by a listed company of any share price sensitive information. “These people constitute the management of the company who are responsible for the day-to-day and overall operations of the company. 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 Sebi order said.
Earlier NDTV was penalised of Rs 2 crore through a different proceeding with respect to non-disclosure of the same income tax demand.
