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

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[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]

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Union Minister Ashwini Vaishnaw hails Tamil, says PM Modi wants every language to get its due respect

He began his speech with a traditional greeting of ‘Vanakkam’ and shared his limited knowledge of Tamil phrases, stating, “Tamil is a very, very sweet language… I know only three words: Vanakkam, Eppadi Irukeenga (How are you), and Nandri (Thank you).”

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Lauding Tamil as a “sweet” language, Union Minister Ashwini Vaishnaw stated on Saturday, March 15, that it stands as a significant asset to both the nation and the world. At an event near Sriperumbudur, he emphasized the importance of all Indian languages, noting that Prime Minister Narendra Modi has consistently worked to ensure that every language receives the respect it deserves.

During the inauguration of Zetwerk Electronics’ manufacturing facility, Vaishnaw expressed his gratitude for having a professor named Sadagopan at IIT Kanpur, who introduced him to the richness of the Tamil language. He began his speech with a traditional greeting of ‘Vanakkam’ and shared his limited knowledge of Tamil phrases, stating, “Tamil is a very, very sweet language… I know only three words: Vanakkam, Eppadi Irukeenga (How are you), and Nandri (Thank you).”

He reflected on how Sadagopan enriched his understanding of Tamil culture, which he described as ancient and deeply rooted. “This is one of our country’s assets and also one of the world’s treasures. We should take pride in it and celebrate all Indian languages. This is the spirit that our Prime Minister embodies, ensuring that each language receives its rightful recognition and exposure,” he remarked.

To illustrate his point, Vaishnaw mentioned the Telecom and Data Protection Laws, highlighting the Prime Minister’s encouragement to offer legal notices in all Indian languages, not just in English. He reiterated the goal of fostering unity and understanding among diverse cultures and peoples within India.

“We must aim for a unified objective of strengthening our nation and striving to become the third largest economy,” he concluded, expressing his gratitude in Tamil with “rombha rombha nandri” (many, many thanks).

His remarks come in the context of ongoing language controversies in Tamil Nadu, where the ruling DMK party has accused the central government of enforcing Hindi through the National Education Policy, allegations that the Union government has refuted.

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Shiv Sena leader Mangat Rai murdered in Punjab: 3 arrested after brief shootout with police in Moga

In a bid to escape, Rai attempted to flee on his motorcycle, but the assailants pursued him and fired again, ultimately hitting him. Despite being rushed to a hospital by the police, he was pronounced dead shortly after arrival.

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Punjab Police have arrested three individuals linked to the murder of Mangat Rai, the Moga district president of the Eknath Shinde-led Shiv Sena, officials confirmed on Saturday. The suspects were apprehended following an exchange of gunfire with police in Malout, Muktsar district.

Rai, 52, was shot dead late on Thursday night while stepping out of his house to buy groceries. According to police, three unidentified assailants attacked Rai around 10 pm. The first bullet missed him but struck a 12-year-old boy who was caught in the line of fire. Rai attempted to flee the scene on his two-wheeler but was pursued by the attackers, who fired again, this time fatally injuring him.

Rai was rushed to a hospital by police, where he was declared dead. The injured boy is currently receiving medical treatment.

While investigators suspect the murder may be the result of a personal rivalry, Rai’s family has denied any enmity, stating that he had no conflicts with anyone.

The arrests mark a significant breakthrough in the case, with police continuing to probe the motive behind the attack.

In a bid to escape, Rai attempted to flee on his motorcycle, but the assailants pursued him and fired again, ultimately hitting him. Despite being rushed to a hospital by the police, he was pronounced dead shortly after arrival.

Investigators are considering the possibility that the murder was the result of a personal rivalry; however, Rai’s family members have asserted that he had no known enemies. The police continue to gather evidence and investigate the circumstances surrounding this alarming incident.

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RJD leader Tej Pratap Yadav asks on-duty cop to dance during Holi celebration, video goes viral

The video captures Yadav, smeared with colors, singing a song and instructing the policeman to dance. He is heard saying, “I will play a song, and you will have to dance. If you don’t, you will be suspended.”

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A video of Rashtriya Janata Dal (RJD) MLA Tej Pratap Yadav, son of former Union Minister Lalu Yadav, has gone viral on social media, showing him pressuring an on-duty police officer to dance during Holi celebrations at his residence in Patna.

In the clip, Yadav is seen threatening the officer with suspension if he refused to dance, leading to widespread criticism from political opponents.

The video captures Yadav, smeared with colors, singing a song and instructing the policeman to dance. He is heard saying, “I will play a song, and you will have to dance. If you don’t, you will be suspended.”

Yadav further added, “Ek ganna bajayenge, usme tumko thumka lagana hai, bura mat mano Holi hai. Aaj nahi thumka lagaoge toh suspend kar diye jaoge” (We will play a song, and you will have to dance to it. Don’t feel bad, it’s Holi. If you don’t dance today, you will be suspended). The policeman eventually complies, dancing as Yadav sings.

The incident has drawn sharp reactions from political leaders, with Bharatiya Janata Party (BJP) spokesperson Shahnawaz Hussain condemning Yadav’s behavior. “He asked his bodyguard to dance; otherwise, he would suspend him. He has no power or authority to suspend anyone. This is Nitish Kumar’s government, not Jungle Raj. Using such language is unfortunate. RJD leaders have not evolved,” Hussain stated.

Janata Dal (United) (JDU) spokesperson Arvind Nishad also criticized Yadav, linking the incident to the past governance of Lalu Yadav and Rabri Devi. “The order given by MLA Tej Pratap Yadav to the police personnel assigned to his security to dance while on duty is a reminder of the Lalu-Rabri regime. His threats and actions are inappropriate. The way Holi was celebrated during their rule and how he recreated that chaos truly brings back memories of those days. In today’s governance, it is unimaginable how someone can behave in such a manner,” Nishad remarked.

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