NSE imposes ₹1.88 lakh penalty on NDTV for delay in appointing sixth director on board


NSE imposes ₹1.88 lakh penalty on NDTV for delay in appointing sixth director on board

This penalty pertains to the interval July 1- August 1, 2020.

Information broadcaster New Delhi Television Limited (NDTV) on Thursday stated National Stock Exchange (NSE) Restricted has imposed a penalty of ₹1.88 lakh on the agency for the delay in appointing the sixth director on the board.

On Wednesday, BSE too levied an effective of ₹1.88 lakh on the corporate for a similar purpose. “The NSE has imposed a penalty on the corporate of ₹1,88,800 (inclusive of GST and on the price of ₹5,000 per day) for the alleged delay in appointing a sixth director to the board of the corporate, as required by Regulation 17(1)(c) of SEBI (Itemizing Obligations and Disclosure Necessities) Laws, 2015,” NDTV stated in a regulatory submitting.

This penalty pertains to the interval July 1- August 1, 2020.

NDTV stated for the reason that alleged non-compliance was solely on account of the COVID- 19 pandemics, the corporation shall file a utility 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.

It started on March 30 and June 29 this yr, the corporate wrote to SEBI, explaining its problem in finalizing a candidate for the appointment of the sixth director on account of the pandemic.

The corporate has nonetheless not obtained any response to, or acknowledgment of, these letters which sought an extension of time to nominate the sixth director. It’s pertinent to notice that this letter was despatched to SEBI forward of the deadline of April 1, 2020, for the appointment of a sixth director,” NDTV added.

The corporate had stated that on account of the pandemic, its board discovered it not possible to fulfill in particular person appropriate candidates for the sixth director. The corporate had additionally submitted its explanations of the alleged non-compliance to NSE and BSE vide response dated July 31 and August 12, respectively.

On August 2, NDTV appointed Darius Taraporvala because of the sixth director to the board of the corporate, topic to the approval of the Ministry of Data and Broadcasting. Earlier, BSE and NSE had imposed a penalty of ₹5,36,900 every on the corporate for the stated delay throughout the interval from April 1, 2020, until June 30, 2020.

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