Capital markets watchdog SEBI has imposed a penalty of Rs 10 lakh on media firm NDTV and of Rs 3 lakh each on four individuals, including promoters Prannoy Roy and Radhika Roy, for certain disclosure lapses.
The order follows a probe by SEBI (Securities and Exchange Board of India) into alleged delay in disclosure about Rs 450 crore income tax demand – subsequently challenged by NDTV, which has been in cross hairs of various agencies – and about sale of some shares by a top company executive over four years ago.
In its 23-page order dated March 16, SEBI imposed penalty of Rs 10 lakh on NDTV and Rs 3 lakh each on Prannoy Roy, Radhika Roy, Vikramaditya Chandra (group CEO at that time) and Anoop Singh Juneja (compliance officer).
SEBI said it had also issued notices to the company’s erstwhile executive Vice Chairman K V l Narayan Rao, but proceedings against him abated due to his death late last year.
The regulator said the persons in charge of a company or the principal officer are liable for the compliance of clause 36 of the listing agreement, which deals with disclosure by a listed company of any share price sensitive information.
SEBI noted that Prannoy and Radhika Roy were the Executive Co-Chairpersons and Chandra was the Group CEO and Executive Director constituting the top management of the company, while Juneha was the Company Secretary and Compliance Officer. “These people constitute the management of the company who are responsible for the day-to-day and overall operations of the company.