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

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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]

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Amit Shah praises Dharmendra Pradhan’s resignation, says Nation above post

Amit Shah hailed Dharmendra Pradhan’s resignation as Union Education Minister, saying BJP places the nation and students above any position while highlighting the government’s commitment to examination reforms.

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Amit Shah

Union Home Minister Amit Shah on Saturday praised Dharmendra Pradhan’s decision to step down as Union Education Minister, saying the move reflected the Bharatiya Janata Party’s commitment to placing the nation and students above any political position.

In a post on X, Shah said that for BJP workers, the country, its youth and students are more important than any office. He described Pradhan’s resignation as an example of the party’s guiding principle of prioritising national interest over personal ambition.

Shah highlights government’s focus on exam reforms

Amit Shah said the Narendra Modi-led government respects the sentiments of students and remains committed to strengthening the examination system following concerns over alleged paper leaks.

He said the Centre has introduced strict measures to ensure severe punishment for those involved in examination paper leaks and expressed confidence that these steps would deliver justice to students who cleared the National Eligibility-cum-Entrance Test (NEET).

Praises Pradhan’s work as Education Minister

Recalling Dharmendra Pradhan’s tenure, Shah highlighted several initiatives undertaken during his time in the Education Ministry. He credited Pradhan with helping implement the National Education Policy (NEP), expanding PM SHRI schools, promoting digital education, strengthening skill development and improving coordination between industry and academic institutions.

Shah also said Pradhan worked towards making examinations more inclusive and student-centric, adding that his tenure reflected his commitment to the vision of a developed India.

Resignation follows NEET controversy

Dharmendra Pradhan’s resignation comes amid nationwide protests over alleged irregularities in the NEET examination and growing demands for accountability.

The resignation has triggered political reactions across party lines. While opposition parties have described the development as a result of sustained student protests, BJP leaders have projected it as an example of accountability and commitment to national interest.

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Assam flood death toll rises to 66, over 6.5 lakh people still affected

Assam’s flood situation improved slightly on Saturday, but more than 6.54 lakh people remain affected in six districts. Four fresh deaths have pushed the state’s flood toll to 66.

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Assam floods

The flood situation in Assam showed marginal improvement on Saturday, though the disaster continued to impact more than 6.54 lakh people across six districts. Four more deaths were reported during the day, taking the total number of fatalities in this year’s floods to 66.

According to the Assam State Disaster Management Authority (ASDMA), three of the latest deaths were reported from Sivasagar district, while one person lost their life in Charaideo.

The number of affected people declined from over 7.05 lakh across nine districts on Friday to 6,54,800 across six districts on Saturday, indicating a gradual improvement in the overall situation.

Sivasagar remains the worst-hit district

Among the affected districts, Sivasagar continues to be the worst hit, with nearly 2.9 lakh people impacted by the floods. Charaideo follows with around 1.9 lakh affected residents, while more than 1.3 lakh people remain affected in Jorhat.

The other districts still facing flood-related challenges are Dibrugarh, Golaghat and Nagaon.

Relief operations continue across affected areas

The ASDMA said the state administration is operating 274 relief camps and aid distribution centres across the affected districts. Around 18,902 displaced people are currently taking shelter at these facilities.

The latest daily bulletin also stated that floodwaters have inundated 810 villages across the state, while 34,970.8 hectares of agricultural land have suffered damage.

Rivers flowing above danger level

The floods have also damaged embankments, roads, bridges and other public infrastructure in several areas.

Authorities said the Dikhou River in Sivasagar and the Dhansiri River at Numaligarh are flowing above the danger level, and officials continue to closely monitor the situation.

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UP Government forms new SIT led by 3 IPS officers to probe Ayodhya Ram Temple donation theft

The Uttar Pradesh government has formed a new SIT led by three IPS officers to investigate the alleged Ram Temple donation theft case in Ayodhya following Supreme Court directions.

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Ram Mandir

The Uttar Pradesh government has reconstituted a Special Investigation Team (SIT) headed by IG Kiran S, with DIG Somen Verma and SSP Dr Gaurav Grover as members, to investigate the alleged theft of donations meant for the Ram Temple in Ayodhya. 

The move comes after directions from the Supreme Court, which sought a reconstituted investigation team to ensure an independent and comprehensive probe into the allegations.

The newly formed SIT is expected to continue the investigation and submit a status report before the Supreme Court on July 27.

Senior IPS officers to lead the probe

According to the state government, the investigation will now be supervised by senior IPS officers.  The revamped SIT has been tasked with examining all aspects of the alleged embezzlement of temple donations and carrying the investigation forward.

The Supreme Court had observed that criminal investigations and technical examination of theft-related cases are more effectively handled by experienced police officers, leading to the reconstitution of the SIT under senior IPS leadership.

Probe to continue under court supervision

The case relates to the alleged embezzlement of offerings (chadhava) donated by devotees at the Shri Ram Janmabhoomi Temple in Ayodhya.

The Supreme Court is monitoring the investigation and will review the SIT’s status report at the next hearing.

Authorities are expected to continue examining evidence collected during the earlier stages of the investigation as the newly constituted SIT proceeds with the case.

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