On Thursday, the Securities and Exchange Board of India has imposed a penalty of Rs 2 crore on NDTV (New Delhi Television Ltd) on account of delaying in disclosures to the stock exchanges about a Rs 450 crore tax demand in early 2014.
The fine has been imposed for violation of disclosure norms under the listing agreement.
“… a total penalty of Rs 2,00,00,000 is imposed upon the noticee New Delhi Television Limited which will be commensurate with the violations committed by the notice,”
The Adjudicating Officer Prasad Jagadale in SEBI said, The matter relates to a tax demand of Rs 450 crore raised by the Income Tax Department through an assessment order, dated February 21, 2014, issued by Assessing Officer for the Assessment Year 2009-10. The matter was informed to the BSE and the NSE only in May 2014.
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