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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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Akhilesh Yadav says BJP completely bent on dictatorship after UP govt extends ban on outsiders entry into Sambhal

He said that this government is fearful, unwilling to allow the truth to surface, and apprehensive about public outrage.

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Hours after the Uttar Pradesh Chief Minister Yogi Adityanath-led government extended the ban on the entry of outsiders into Sambhal till December 10, Samajwadi Party president Akhilesh Yadav on Saturday said that the BJP is completely bent on dictatorship and it does not believe in democracy.

“Injustice and atrocities are at their peak in Uttar Pradesh. The BJP does not believe in democracy. There is an emergency-like situation in Uttar Pradesh,” Yadav said in a release shared by the party on X.

The former chief minister said imposing a ban shows the failure of the BJP government, administration and management. Asserting that he said if the government had imposed such a ban earlier on “those who thought of causing riots and made people raise frenzied slogans”, the harmony and peace in Sambhal would not have been disturbed.

“It is noteworthy that the District Magistrate of Sambhal, in his order (IPC Section 163), has prohibited the entry of any outsider, other social organization and public representative within the boundary of Sambhal district without permission till 10.12.2024,” the statement read.

The Samajwadi Party chief slammed the UP government for stopping a 15-member delegation from entering violence-affected Sambhal, claiming that the BJP government seeks to conceal the injustices and atrocities it has perpetrated there.

He said that this government is fearful, unwilling to allow the truth to surface, and apprehensive about public outrage.

Yadav accused the government of instructing the police to confine Opposition leaders, including prominent leaders from the Samajwadi Party, to their homes.

He questioned why prominent leaders such as Mata Prasad Pandey, Lal Bihari Yadav, Shyam Lal Pal, and Ravidas Mehrotra were barred from leaving their residences when the restrictions were reportedly limited to Sambhal district.

“Has the BJP government declared a state of emergency across the entire state? The Leader of the Opposition and the State President of the Samajwadi Party couldn’t even reach the party office,” he stated.

“Such house arrest of public representatives poses a serious threat to democracy. Since the BJP took power, it has been systematically undermining democracy and the Constitution,” Yadav added.

The SP chief expressed his displeasure regarding the obstruction faced by the Samajwadi Party delegation. He suggested that similar to how the BJP frequently reshuffles its cabinet, there should be a complete overhaul of the administrative body in Sambhal in response to allegations of negligence, including accountability for any deaths that occurred.

Announcing that the Samajwadi Party would provide financial aid of Rs 5 lakh to each family of the innocent victims of the Sambhal incident, the party has demanded that the BJP government grant Rs 25 lakh in compensation to the families of those killed in the violence.

Furthermore, Yadav asserted that justice is anticipated solely from the President and the Supreme Court, insisting that those who threaten the unity and peace of the nation be held accountable.

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Rahul Gandhi says PM Modi biased towards Adani, discriminating against Wayanad landslide victims

He said: “This is the atmosphere in which we are operating. It is the feelings that people have toward us that give us confidence and protect us.”

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Leader of Opposition in the Lok Sabha and Congress leader Rahul Gandhi on Saturday accused Prime Minister Narendra Modi of being biased towards industrialist Gautam Adani and of discriminating against Wayanad landslides victims by not providing them the due support.

In a joint public meeting with sister Priyanka in Wayanad after her massive victory in the Lok Sabha byelection, Rahul alleged that PM Modi was treating Adani differently from the people of India, despite his indictment in the US, even though the Constitution says everyone should be treated equally.

Hitting out at PM Modi, Rahul claimed that the “PM says it does not matter if Adani has been indicted in the US and called a criminal there, in India we will not indict him”.

Continuing his allegations against the prime minister, the Leader of the Opposition in the Lok Sabha said Modi discriminates against the people of Wayanad and he was not willing to provide them the support that they were due.

He said: “This is the atmosphere in which we are operating. It is the feelings that people have toward us that give us confidence and protect us.”

After paying tribute to the victims of the landslides, Rahul said his party and the UDF are standing with the people who lost family members, property and suffered in the tragedy.

He said unfortunately his party is not in the government and therefore they cannot do what a government can do. “So, I told my sister and (AICC general secretary) K C Venugopal that every member of the Congress and the UDF should put pressure on the government of Kerala to help the victims of the landslides,” he added.

Rahul said Priyanka’s win from the Wayanad seat indicates that the people have placed their faith and trust in them to represent the hill constituency in the Parliament. He also expressed confidence that the Congress-led opposition will defeat the ideology of the BJP which behaves arrogantly and allegedly spreads hate and divisiveness.

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Congress slams PM Modi over sinking GDP rate, says slowdown will have severe consequences

“This is the ultimate root cause for India’s growth slowdown, and multiple sources of data have now confirmed this wage stagnation,” Ramesh stated.

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The Congress on Saturday slammed the Prime Minister Narendra Modi-led central government over the sinking Gross Domestic Product (GDP) growth rate and said stagnating real wages as the fundamental reason behind it.

Sharing the party statement on the recent data from a research firm on X, Congress general secretary in-charge communication Jairam Ramesh hit out at PM Modi for being willfully blind to the causes of this sharp slowdown.

On India’s economic growth slowing to a near two-year low, Ramesh said the country’s medium and long-term economic potential is eroding rapidly.

The Congress leader asked how long will the grim reality of stagnant wages for crores of workers continue to be ignored.

GDP growth figures released last evening for July-September 2024 are much worse than anticipated, with India recording a measly 5.4% growth and consumption similarly growing by an unimpressive 6%, Ramesh said.

He said the “non-biological” PM and his cheerleaders were wilfully blind to the causes of this sharp slowdown, but, he added a new report on ‘Labour Dynamics of Indian States’ released by a leading Mumbai-based financial information services company, India Ratings and Research, on the 26th of November 2024 reveals its real cause: stagnant wages.

Ramesh noted that the report uses Periodic Labour Force Survey (PLFS) data to show that overall real wage growth at the national level has been flat at 0.01% over the last five years.

In fact, the workers in Haryana, Assam and Uttar Pradesh have seen their real wages decline in the same period, he pointed out.

This is hardly the exception, nearly every piece of evidence points to this same damning conclusion that the average Indian can buy less today than they could 10 years ago, Ramesh said.

“This is the ultimate root cause for India’s growth slowdown, and multiple sources of data have now confirmed this wage stagnation,” Ramesh stated.

Citing the Labour Bureau’s Wage Rate Index, he said real wages for the labourers stagnated between 2014-2023 and in fact declined between 2019-2024.

Ramesh further cited the Ministry of Agriculture’s Agricultural Statistics and said that under former prime minister Manmohan Singh, real wages for agricultural labourers grew at 6.8% each year.

“Under Narendra Modi, real wages for agricultural labourers declined by minus 1.3% each year,” he said.

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