HC ruling relief for NDTV

HC ruling relief for NDTV

Agency News

The TV channel NDTV on Thursday said it has got relief from the Bombay High Court, which has set aside an order passed by the market regulator Sebi.

The Sebi had rejected NDTV's plea on condemnation of delay in filing settlement applications before the market regulator after it initiated adjudication proceedings against the private TV channel for alleged violations of the Securities Contract (Regulation) Act, 1956.

The Bombay High Court has ruled in favour of NDTV in a writ petition filed by the company. In its order, dated September 4, 2019, the High Court said Sebi has committed a serious error, said a BSE filing by NDTV.

NDTV in its writ petition had challenged the orders passed by Sebi on August 23, 2017 and August 31, 2017, rejecting settlement applications filed by the company and its/directors/KMPS inter alia in the alleged delayed disclosure of an Rs 450 crore disputed tax demand and other alleged nondisclosures. Sebi had rejected the settlements on account of delay in filing the settlement applications.