SEBI slaps Rs 2 crore fine on NDTV for IT violations
news Friday, June 05, 2015 - 05:30
The Securities Exchange Bureau on India (SEBI) has imposed a penalty of Rs 2 crore on NDTV for violation of Sec 23 A and Sec 23 E of the Securities Contracts (Regulations Act). In an order dated June 4, 2015, the adjudicating officer Prasad Jagadale has ordered NDTV to pay the penalty within 45 days of receiving the receipt of the order. The case is relating to a tax demand of Rs 450 crore raised by the Income Tax department in February 21, 2014. The said income tax demand pertains to NDTV's balance sheet in 2009. Operative part of the SEBI order to NDTV In the order, the SEBI said that "non-compliance or delayed compliance with disclosure requirements by a listed company undermines the regulatory objectives and jeopardises the achievement of the underlying policy goals." The order also notes that the violation by NDTV is a standalone one and not repetitive.