NDTV’s step down subsidiary receives income tax assessment order raising a demand
NDTV’s step down subsidiary receives income tax assessment order raising a demand. 12 lakh demand raised by IT department. Set to be challenged by RPVL.
New Delhi Television Limited (NDTV) on Friday under regulation 30 Of SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015 disclosed that Red Pixels Ventures Ltd. (‘RPVL’), a step-down subsidiary of New Delhi Television Ltd. (‘the Company’), has intimated the Company that it has on Friday received an income tax assessment order for the Assessment Year 2016-17 raising a demand of Rs. 12,09,89,675/.
RPVL has informed the Company that it is in the process of filing a statutory appeal against the said assessment order and will also take appropriate steps in accordance with law against the demand raised. RPVL has further informed that as per the advice of its legal counsels, the additions made by the Income Tax Department that have resulted in the aforesaid demand are without any basis and likely to be set aside in appeal.
The broadcaster writing to the BSE disclosed the tax assessment order and requested it to take it on record. Last month, SEBI had restrained the promoter of NDTV from accessing the securities market for two years. SEBI had restrained them from holding any position in the company for two years. They were also restrained from holding any position in any listed company for one year. Back then, the Securities Appellate Tribunal had given an interim stay noting such orders prima facie would not be in the interest of the shareholders of NDTV or for that matter the investors at this stage.
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