October 1, 2020

NSE imposes Rs 5.36 lakh penalty on NDTV for delay in appointing board director

NEW DELHI: Information broadcaster New Delhi Tv Ltd (NDTV) on Saturday stated the NSE has imposed a penalty of Rs 5.36 lakh on the agency for delay in appointing the sixth director on the board.

The BSE has already imposed a penalty of Rs 5.36 lakh on the corporate for a similar cause.

“The Nationwide Inventory Alternate of India Ltd (NSE) vide letter/e mail dated August 21, 2020, has imposed a penalty on the corporate of Rs 5,36,900 inclusive of GST for the delay on this matter,” NDTV stated in a regulatory submitting.

It stated that on March 30 and June 29, it had written to Sebi, explaining its problem in finalising a candidate for the appointment of the sixth director on account of the COVID-19 pandemic.

“The corporate has not acquired any response to, or acknowledgement of, these letters. The corporate had additionally submitted its explanations of the alleged non-compliance to NSE and BSE vide response dated July 31, 2020 and August 12, 2020, respectively,” NDTV added.

It stated that on August 2, it appointed Darius Taraporvala because the sixth director on the corporate’s board, topic to the approval by the Ministry of Info & Broadcasting.

“Because the alleged non-compliance was solely on account of COVID-19 pandemic, the corporate shall file an software inside 15 days to hunt waiver of the penalty imposed by NSE in accordance with the carve-out coverage, which permits for waiver of fines,” the submitting added.