The Securities and Exchange Board of India (SEBI) yesterday fined NDTV Rs 27 crore for surrendering control of the company violating the provisions of the SEBI Act leading to the imposition of a Rs 25 crore fine on the Founders and Promoter Group company along with Rs 1 crore fine each on the Founders.
NDTV on its part reiterated that the Founders and Promoters of NDTV and RRPR Holding Private Limited never directly or indirectly allowed for a transfer of control of NDTV and that they continue to own and hold 61.45 percent of the total paid up share capital of NDTV.
SEBI’s order has found otherwise which NDTV will be appealing against urgently. SEBI’s order is based on non-disclosure of the loan agreements entered in 2008-2010 by the Founders and the Promoter Group Company with ICICI Bank and Vishvapardhan Commercial Private Limited.
The core issue of the alleged control is pending adjudication at the Securities Appellate Tribunal which in 2019 granted a stay in favor of the Founders of NDTV that is said to be still in operation.