English हिन्दी
Connect with us

India News

Relief for NDTV as Bombay HC strikes down SEBI order against news channel

Published

on

NDTV

[vc_row][vc_column][vc_column_text]NDTV on Thursday (September 5) said the Bombay High Court on Wednesday (September 4) granted relief to its promoters Prannoy Roy and Radhika Roy by setting aside the Securities and Exchange Board of India’s (SEBI) orders that rejected the news channel’s delay in filing settlement applications. 

SEBI had in 2015 initiated adjudication proceedings against NDTV for alleged violations of clause 36 of listing agreement on the ground that there was non-disclosure of a tax demand of Rs 450 crores which was raised under an assessment order dated February 21, 2014 against the company for AY 2009-2010.

A division bench of Justices Akil Kureshi and SJ Kathawalla said the grounds made out for condonation of delay applications filed by NDTV were elaborate and sufficient. “These grounds were summarily rejected by recording one-line reason that the panel of whole-time members did not find the reasons sufficient,” the court said, adding that in their opinion the board has committed a serious error.

Advocates Fereshte Sethna and Adhiraj Malhotra, representing NDTV, said there was no contraction in minimum public shareholding and non-disclosure of tax demand as opposed what was alleged in the first two show-cause notices given to the channel in the case. They said in the third show-cause notice that SEBI could only trace proof of some of the disclosures but not of the rest.

Advocate Shiraz Rustomjee, appearing for SEBI, argued that the delay in both the cases was substantial, which was not satisfactorily explained. He said the applications for condonation of delay did not disclose any ground for such a long delay.

In 2018, NDTV filed writ petitions challenging SEBI orders dated August 23, 2017 and August 31, 2017 rejecting two separate applications moved by NDTV for condonation of delay. SEBI had initiated adjudication proceedings against NDTV through a show-cause notice dated February 12, 2015, alleging violation of clause 36 of listing agreement on the ground that there was non-disclosure of a tax demand of Rs 450 crore, which was raised under an assessment order dated February 21, 2014 against the company for the year 2009-’10. The markets regulator issued a corrigendum to the first show-cause notice on March 17, 2015.

In its response, NDTV said that they were given legal advice that the tax demand was not required to be reported under clause 36 of the listing agreement. On June 6, 2015, SEBI passed an order holding the petitioner liable for violation of clause 36 of the listing agreement and fined Rs 25 lakh under section 23A of the Securities Contracts (Regulation) Act, 1956. On June 8, 2016 a third show-cause notice was issued alleging further non-disclosures by NDTV.

The Securities and Exchange Board of India had in June barred the Roys from the securities market, as well as from holding any managerial posts in the news network for two years. SEBI said it passed the order because the Roys had allegedly violated insider trading regulations.

The markets regulator had initiated an investigation after an NDTV shareholder claimed that Prannoy Roy, Radhika Roy and RRPR Holdings had not disclosed information about loan agreements they entered into with a company known as Vishvapradhan Commercial. ICICI Bank was also part of this agreement.[/vc_column_text][/vc_column][/vc_row]

India News

Asish Banerjee found dead in Rampurhat, Mamata Banerjee aide’s death shocks TMC

Former West Bengal deputy speaker and five-time Rampurhat MLA Asish Banerjee was found dead at a Trinamool Congress office in Birbhum.

Published

on

Mamata Banerjee

Former West Bengal Assembly deputy speaker and Trinamool Congress leader Asish Banerjee was found dead at a party office next to his residence in Rampurhat, Birbhum district, on Sunday morning.

Police said his body was found hanging and was sent for postmortem. A large crowd gathered outside the Trinamool Congress office after news of his death spread.

Who was Asish Banerjee?

Asish Banerjee had served as the deputy speaker of the West Bengal Assembly when Trinamool Congress chief Mamata Banerjee was the state’s chief minister. He was also a five-time MLA from Rampurhat.

He had served as Bengal’s education and agriculture minister after Mamata Banerjee’s Trinamool Congress first came to power in the state.

Banerjee contested the West Bengal Assembly election earlier this year but lost the Rampurhat seat to BJP’s Dhruba Saha.

Asish Banerjee’s recent party role

Banerjee stepped down as chairman of the Trinamool Congress’s Birbhum district core committee in June. At the time, he said he would continue as a general member of the party.

He lived in the Hattalapara neighbourhood of Rampurhat, with the party office where his body was found located next to his house.

BJP gains in Birbhum

The BJP won six of the 11 Assembly constituencies in Birbhum in the latest state election. This marked a significant change from 2021, when the Trinamool Congress had won 10 seats in the district while the BJP had secured one.

Police have sent Asish Banerjee’s body for postmortem as the circumstances surrounding his death are being investigated.

Continue Reading

India News

IPS Officer Nupur Prasad gets Medal for Meritorious Service after Sushant Singh Rajput probe

IPS officer Nupur Prasad, who led the CBI investigation into Sushant Singh Rajput’s death, has been selected for the Medal for Meritorious Service this year.

Published

on

IPS officer Nupur Prasad, who led the CBI investigation into actor Sushant Singh Rajput’s death, has been recognised with the Medal for Meritorious Service (MSM) this year.

A 2007-batch AGMUT cadre officer, Ms Prasad recently returned to the Delhi Police after completing her tenure with the CBI. She is currently serving as Joint Commissioner of Police in the Economic Offences Wing (EOW), where she oversees investigations involving financial and economic crimes.

The award is part of this year’s recognition for police personnel for distinguished and meritorious service. Such honours recognise contributions in areas including investigation, crime prevention, public service, law and order and administration.

Nupur Prasad’s role in Sushant Singh Rajput case

Ms Prasad came into national focus during the CBI investigation into the death of Sushant Singh Rajput, who was found dead at his Mumbai residence on June 14, 2020.

The case was transferred to the CBI in August 2020 following a complaint by the actor’s family and a legal dispute over jurisdiction.

During her tenure with the agency, Ms Prasad supervised key aspects of the investigation, including the examination of witness statements, forensic evidence and medical records.

In 2025, the CBI filed closure reports, saying its investigation found no evidence of foul play, abetment to suicide or criminal conspiracy in the actor’s death.

Career across Delhi Police, CBI

Ms Prasad has served in several positions during her career, including assignments in the Delhi Police, CBI, Arunachal Pradesh and West Bengal.

Before joining the CBI, she held senior positions in the Delhi Police and became the first Deputy Commissioner of Police (DCP) of Shahdara. During her tenure, she worked on establishing the district’s policing framework following its creation.

She also led operations targeting drug networks and illegal gambling activities while focusing on crime-prevention measures.

Later, as DCP of North Delhi, she oversaw security arrangements for major events, including Independence Day celebrations at the Red Fort and Delhi University elections.

Community-focused policing initiatives

Beyond investigations, Ms Prasad has been associated with community-focused programmes involving women’s self-defence, youth development, cyber safety and drug de-addiction.

During her CBI tenure, she was also associated with several prominent investigations. Media reports have linked her to cases concerning businessman Vijay Mallya and the AgustaWestland helicopter deal.

Current role in Delhi Police

After completing her assignment with the CBI, Ms Prasad returned to the Delhi Police and took charge as Joint Commissioner of Police in the Economic Offences Wing.

The latest recognition adds to her career spanning investigations, policing and public service across several challenging assignments.

Continue Reading

India News

Kharge, Rahul Gandhi skip Independence Day event for 2nd straight year

Congress chief Mallikarjun Kharge and Rahul Gandhi skipped the 80th Independence Day celebrations at the Red Fort for the second consecutive year.

Published

on

Rahul Kharge

Congress president Mallikarjun Kharge and Leader of Opposition in the Lok Sabha Rahul Gandhi skipped the 80th Independence Day celebrations at Delhi’s Red Fort for the second consecutive year.

Prime Minister Narendra Modi led the Independence Day celebrations at the historic venue on Saturday.

The absence of the two senior Congress leaders comes amid strained relations between the ruling party and the Opposition, which further deteriorated during the Monsoon Session of Parliament that concluded on Thursday.

2024 seating controversy

Rahul Gandhi had attended the Independence Day celebrations in 2024 but his seating arrangement triggered a controversy. The Congress leader, who holds the status of a Cabinet minister as Leader of the Opposition in the Lok Sabha, was seated in the second-last row during the ceremony at the Red Fort.

The Opposition had criticised the seating arrangement, calling it an insult to the people. The Defence Ministry, which organised the event, said the arrangement had been modified to accommodate Olympians at the venue.

According to protocol, the Leader of the Opposition is seated in the front row during ceremonial events.

Opposition-ruling party tensions

Relations between the government and the Opposition remained tense during the Monsoon Session, which ended on Thursday.

The session saw repeated clashes between the two sides, with both the Opposition and the ruling party blaming each other for the low productivity of Parliament.

The session began on July 20, with students marching towards Parliament on the first day. Twelve bills were passed during the session, while detailed discussion took place on only one legislation, concerning paper leaks.

The Congress, along with the Trinamool Congress and Samajwadi Party, also boycotted the customary tea party hosted by Lok Sabha Speaker Om Birla after the House was adjourned sine die.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com