Television

NDTV files civil appeal in Supreme Court against SAT order

NDTV

MUMBAI: NDTV has filed a civil appeal in the Supreme Court, challenging the 7 August SAT order that upheld a Rs 2 crore penalty on the media company imposed by SEBI for disclosure lapses regarding tax demand of Rs 450 crore.

“NDTV has on 3 December 2019, filed a Civil Appeal before the Hon’ble Supreme Court, challenging the 7 August 2019 order passed by SAT and 22 November 2019 Recovery Certificate/Notice of Demand,” NDTV said in its regulatory filing to BSE.

"The Civil Appeal instituted by NDTV is without prejudice to its primary contention that the Judgment dated 4 September 2019 of the Hon’ble Bombay High Court directs the SEBI to consider the settlement applications filed by NDTV, on merits; however, in light of the challenge by SEBI to the Judgment dated 4 September 2019, the matter of entitlement of NDTV to pursue the settlement applications before the SEBI, is now sub judice,” the statement added.

On 7 August, SAT upheld Sebi's decision to impose Rs 2 crore penalty on NDTV in a case of disclosure lapses regarding tax demand of Rs 450 crore. The tribunal also upheld Rs 19 lakh penalty imposed by Sebi on the company as well as three officials, including promoters Prannoy Roy and Radhika Roy.

SAT’s ruling was on an appeal filed by NDTV against Sebi's orders passed in June 2015 and March 2018 in a case pertaining to the firm making delayed disclosure to exchanges regarding tax demand of Rs 450 crore raised by the Income Tax Department and sale of some shares by a top company executive.

In the June 2015 order, Sebi imposed a fine of Rs 2 crore on the firm while in March 2018 the regulator had levied a total fine of Rs 22 lakh on NDTV and its officials, including the Roy couple.

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