Sebi fines NDTV for disclosure lapses

Securities market regulator Sebi has fined media organisation NDTV, and four individuals for lapses in mandatory disclosure.

According to a Sebi order dated March 16, NDTV has been fined Rs 10 lakh.

Besides the firm, the regulator has fined -- Prannoy Roy, Radhika Roy, Vikramaditya Chandra and Anoop Singh Juneja -- Rs 3 lakh each.

"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 order read.

The order comes after Sebi conducted an investigation based on a complaint received from Quantum Securities (QSL), a shareholder of NDTV, that the firm did not disclose the order of "Dispute Resolution Panel-II (DRP-II) of the Income Tax Department, within 2 days of receipt of information, to the stock exchanges".

--IANS

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