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11:12 PM

Sebi fines NDTV Rs 5 cr over disclosure lapses; firm to appeal against order

Markets regulator Sebi on Tuesday imposed a penalty of Rs 5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements but the company denied the charges and said it will appeal against the ruling. The loan agreements had clauses and conditions that substantially affected the functioning of the media company, Sebi said in its order.

The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with Vishvapradhan Commercial Private Ltd (VCPL). As per Sebi, a loan amount of Rs 350 crore was borrowed by the promoters of NDTV under the VCPL loan agreement in 2009 to repay earlier loan availed from ICICI Bank and a second loan agreement with VCPL was signed for Rs 53.85 crore a year later.

Further, one of the terms of loan agreements allowed VCPL to indirectly acquire 30 per cent shareholding of NDTV through the conversion of warrants into equity shares of RRPR Holding. These clearly establish that 30 per cent shareholding of NDTV was put at the absolute disposal of VCPL by virtue of the loan agreements, the regulator said. In a regulatory filing, NDTV said it has stated on several occasions, including in disclosures to the exchanges, "that journalists Radhika and Prannoy Roy, who are its founders and promoters, continue to hold majority stake with 61.45 per cent of the paid up share capital of the company".
 

There has been no change in control through any arrangements or transactions with third parties and that any report or allegation to the contrary is baseless, it noted. The company "will appeal urgently" against the Sebi order imposing a fine of Rs 5 crore for alleged non-disclosure of the loan agreements entered into in 2009-2010 by the founders with VCPL, as per the regulatory filing.

10:48 PM

Food adulteration to attract life imprisonment in MP

Madhya Pradesh cabinet approves ordinance that has provision of life sentence for those found guilty of food, drug adulteration in the state: official

9:46 PM

Delhi govt school students to get dry ration for 6 months: Kejriwal

The Delhi government will provide dry ration to the students of its schools for a six-month period under the mid-day meal scheme, Chief Minister Arvind Kejriwal announced on Tuesday. The move comes in view of the continued closure of schools since March due to the COVID-19 pandemic.

"When the schools were closed, we decided to send the money for mid-day meals to the parents' accounts, but now, it has been decided that we will give dry ration for six months," Kejriwal said at a dry ration distribution event at a government school in the Mandawali area. Under the scheme, dry ration kits containing wheat, rice, pulses and oil will be provided to all eligible students of Classes 1-8 in the Delhi government schools.

"All this while we tried to provide the corresponding amount of the mid-day meal provided to the students in the bank accounts of their parents. But today, we are starting ration distribution at the request of the parents. Each student will be provided with an adequate ration for a period of six months -- July to December, 2020 -- so that there is no lack in providing nutrition to children," the chief minister said.

8:51 PM

Pakistan a pawn in Chinese policy, serious Indo-Sino conflict not good for China: IAF Chief

Amid increasing nexus between Islamabad and Beijing, Air Chief Marshal RKS Bhadauria on Tuesday said Pakistan has become a pawn in the Chinese policy and its military dependence on China would increase further in view of the debt trap due to the China Pakistan Economic Corridor (CPEC) project.

 

China has invested billions of dollars in the CPEC as loans to Islamabad and the already debt-ridden Pakistani administration would be under a lot of financial stress to repay even the interest as per the current fiscal situation there.

 

IAF Chief RKS Bhadauria was addressing a webinar on 'National Security Challenges and Air Power'organised by Vivekanand International Foundation. He said, "Pakistan has increasingly become a pawn in Chinese policy, under an increasing CPEC related debt trap there will be further military dependencies in future."

8:22 PM

PM Narendra Modi to lay foundation stone of AIIMS at Rajkot on Thursday

Prime Minister Narendra Modi will lay the foundation stone of AIIMS at Rajkot in Gujarat on December 31. The project, estimated to be around Rs 1,195 crore, is expected to be completed by mid of 2022. The Prime Minister will lay the foundation stone at 11 a.m. via video conferencing. For the project, 201 acres of land has been allotted, revealed a statement from the Prime Minister's Office.

 

"The project will be built at an estimated cost Rs 1,195 crore, and is expected to be completed by mid of 2022. The state-of-the-art 750 bed hospital will also have a 30 bed AAYUSH block. It will have 125 MBBS seats and 60 nursing seats," the statement said.

 

Governor of Gujarat, Chief Minister of Gujarat, Union Health Minister and Union Minister of State for Health will also be present on the occasion.

7:59 PM

Govt buys 46.28 mn tonnes of paddy this kharif season for Rs 87,392 crore

The government has procured 462.88 lakh tonnes of paddy worth Rs 87,392 crore at minimum support price (MSP) so far this kharif marketing season. The government continues to procure Kharif 2020-21 crops at MSP from farmers, an official statement said. The kharif marketing season starts from October.

 

Food Corporation of India (FCI), the government's nodal agency for procurement and distribution of foodgrains, has bought 462.88 lakh tonnes of paddy till December 28, as against 370.57 lakh tonnes in the corresponding period of the previous year.

 

"About 57.47 lakh farmers have already been benefitted from the ongoing KMS procurement Operations with MSP value of Rs 87,391.98 crore," the statement said.

 

Out of the total purchase of 462.88 lakh tonnes, Punjab has contributed 202.77 lakh tonnes, which is 43.80 per cent of the total procurement. READ ON...

7:35 PM

All schools in Mumbai to remain closed till January 15: Brihanmumbai Municipal Corporation

7:04 PM

Air quality remains in 'poor' category in Delhi-NCR cities

The average air quality remained "poor" in the NCR cities of Ghaziabad, Noida, Greater Noida, Faridabad and Gurgaon for a second day in a row, according to a 24-hour data issued by a government agency on Tuesday. Presence of pollutant PM 2.5 and PM 10 remained high in the five immediate neighbours of Delhi, according to the air quality index (AQI) maintained by the Central Pollution Control Board (CPCB).

 

According to the index, an AQI between zero and 50 is considered 'good', 51 and 100 'satisfactory', 101 and 200 'moderate', 201 and 300 'poor', 301 and 400 'very poor', and 401 and 500 'severe'.

 

The average 24-hour AQI at 4 pm on Tuesday was 283 in Ghaziabad, 272 in Greater Noida, 258 in Noida, 291 in Faridabad and 214 in Gurgaon, according to CPCB's Sameer app. The CPCB states that an AQI in the poor category may cause breathing discomfort to people on prolonged exposure. The average AQI on Monday was 256 in Ghaziabad, 237 in Greater Noida, 225 in Noida, 296 in Faridabad and 226 in Gurgaon.

6:27 PM

Around 43.7 million income tax returns for FY20 filed till Dec 28

Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday. In the comparative period last year, 45.1 million ITRs were filed.  With just three days left for the deadline for income tax return (ITR) filing for individuals to end, the tax department asked taxpayers not to wait and file returns early.

The deadline to file I-T returns by individual taxpayers for 2019-20 fiscal (Assessment Year 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021.

Till December 28, 2020, the number of tax returns for fiscal 2019-20 filed by companies have gone up, while those filed by individuals have dropped, possibly indicating a drop in income.

 

6:09 PM

Delhi CM Arvind Kejriwal distributes ration kits under the Mid-Day Meal Scheme