NDTV seeks to settle pending matters with Sebi
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 said in a BSE filing.business Updated: Mar 06, 2017 20:29 IST
Media group NDTV on Monday said it will file applications to settle matters pending before the markets regulator Sebi.
Besides, the company would 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.
These proposals have been approved by the NDTV’s board during its meeting on Monday.
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 said in a BSE filing.
The company would file applications with Sebi for settling various pending matters including an appeal before the SAT (Securities Appellate Tribunal). The appeal is against Sebi imposing Rs 2 crore penalty for alleged violation of disclosure norms.
Further, NDTV would seek to settle notices issued by Sebi to the company and its promoters with respect 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.
Besides, NDTV would seek to settle notice issued by Sebi in August 2015 to the firm, Prannoy Roy, Radhika Roy, KVL Narayan Rao and Vikramaditya Chandra.
The 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,” the filing said.
Another notice pertaining to alleged delay by the company and Narayan Rao in disclosing the sale of shares by the latter would also sought to be settled by NDTV.
The company would withdraw the 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.
Through the petition, currently pending before the National Company Law Tribunal, the firm has sought writing off the deficit by reducing the amount standing to the credit of the Securities Premium Account.
“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time and the subsequent events thereafter, the amount mentioned in the aforesaid petition for being set off has become outdated and as such the whole petition has become redundant/infructuous,” the filing said.
Shares of NDTV rose 1% to close at Rs 70 on BSE.