The Securities and Exchange Board of India (SEBI) yesterday levied another fine on NDTV of Rs 5 crores for the non-disclosure of loan agreements entered into by NDTV with the Founders of Vishvapradhan Commercial Private Limited (VCPL) in 2009-10.
The company informed stock exchanges about the fine late night yesterday stating that it felt the fine was based on an inaccurate assessment of facts on SEBI’s part which will not withstand scrutiny in appeal.
“NDTV was not a party to this arrangement and it disclosed these agreements in 2015 in response to media reports that speculated change in control. The core issue of the alleged surrender of control to VCPL is pending adjudication at the Securities Appellate Tribunal, which, in 2019, granted a stay in favor of the Founders of NDTV, which is still in operation,” NDTV stated in a disclosure to BSE.
NDTV reiterated the fact that the Founders and Promoters of the company Radhika Roy and Prannoy Roy continue to hold a majority stake with 61.45 percent of paid up share capital of the company.
