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NDTV gets board’s nod to settle pending matters with SEBI
MUMBAI: Dr Prannoy Roy-promoted NDTV Ltd will seek to settle matters pending before the market regulator SEBI.
The company said it would file applications to this effect.
NDTV would also withdraw its petition before the Delhi High Court seeking sanction to write off deficit amounting to Rs 155.73 crore in the statement of profit and loss. The petition, filed on 9 December 2013, is currently pending before the National Company Law Tribunal, New Delhi. NDTV had sought to write off the deficit by reducing the amount standing to the credit of the Securities Premium Account.
The NDTV board approved these two proposals during its meeting on Monday.
NDTV said it is being done in the “interest of all shareholders of the company, saving of time, cost and to quickly close the matter to avoid protracted litigation”.
The company would file applications with Sebi for settling various pending matters including an appeal before the Securities Appellate Tribunal (SAT). The appeal is against Sebi levying a penalty of Rs 2 crore on the company for alleged violation of disclosure norms.
NDTV would seek to settle notices issued by Sebi to the company and its promoters with regard to “certain alleged non-compliance related to delay/non-filing of disclosures in the previous years” under takeover regulations.
These notices were issued in June 2016.
Further, NDTV would seek to settle a notice issued by Sebi in August 2015 to the company, Prannoy Roy, Radhika Roy, KVL Narayan Rao, Vikramaditya Chandra and the then company secretary.
The SEBI notice proposed to “initiate adjudication proceeding against them for delay in submission of disclosures under Insider Trading Regulations and Listing Agreement with respect to alleged delayed disclosure of the Rs 450 crore tax demand.”
NDTV would also seek to settle another notice pertaining to alleged delay in disclosures by the company and Narayan Rao in disclosing the sale of shares by the latter.
“Due to lapse of substantial time and the subsequent events thereafter, the amount mentioned in the aforesaid petition for being set off has become outdated and as such the whole petition has become redundant/infructuous,” NDTV said.