NDTV to pay Rs 2.1 crore to Hathway by March 2020
New Delhi: New Delhi Television Limited (NDTV) on Wednesday informed the Telecom and Disputes Settlement Appellate Tribunal (TDSAT) that it was ready to clear Rs 2.1 crores by March 2020 to Hathway Digital Private Limited.
The tribunal after hearing both the sides noted that the issue at present is how to ensure timely payment of the amount admittedly outstanding against NDTV. According to the broadcaster’s counsel, an amount of Rs 4.33 crores is admittedly due which NDTV wants to clear in installments which had been communicated to Hathway by NDTV through an email dated 26.08.2019.
Hathway raised a strong objection to the proposal made by NDTV on the ground that it needs a substantial part of the admitted amount by March 2020. In the view of such a stand, NDTV on Wednesday in front of the tribunal agreed to a revised schedule wherein it is prepared to clear Rs 2.1 crores by March 2020. There was no dispute that an amount of Rs 30 lakhs towards the arrears had been paid in August 2019.
NDTV undertook to pay Hathway in six installments each of Rs 30 lakhs from October 2019 and thereby in aggregate, it agreed to pay Rs 2.1 crores by March 2020 to Hathway. The court noted that there is an issue where NDTV should secure its undertaking by furnishing Post Dated Cheques (PDCs) for each of the installments till March 2020.
The broadcaster’s counsel said that account of certain legal proceedings, it has difficulty in furnishing the PDCs for the present but it undertook that it shall not default and shall pay each of the six installments by end of the respective month. TDSAT directed it to submit a comprehensive payment plan on the aforesaid amount by the next date. The court also noted that if in case there is any default in paying the installments from October 2019, the issue of securitizing the admitted dues shall be considered on the next date.
Hathway had moved TDSAT against NDTV in July for recovery of its dues. DreamDTH had earlier reported that Hathway had found NDTVs settlement offer unreasonable as it was spread over two years. NDTV had then offered an improved settlement offer for which the court asked a categorical payment plan.