NDTV surges 20% as Sebi orders Vishvapradhan Commercial to make open offer

The stock is locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday.

 

 

Stock Market News  »  Shares of NDTV are locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday, after the Securities and Exchange Board of India (Sebi) on Tuesday passed an order asking Vishvapradhan Commercial Pvt Ltd (VCPL) to make an open offer for the company.

Till 09:25 am; a combined 160,893 shares changed hands on the counter and there were pending buy orders for 462,932 shares on the BSE and NSE.

“The order noted that VCPL had acquired indirect control through a loan agreement in 2009, which would have necessitated an open offer at the time. The regulator has now asked for this open offer to be made with interest,” Business Standard reported.

Meanwhile, the Bombay High Court on Tuesday directed the Reserve Bank of India (RBI) to consider the compounding applications filed by news organisation NDTV in a case of alleged violation of the Foreign Exchange Management Act (FEMA).

“The Bombay High Court has today directed the Reserve Bank of India (RBI) to consider the compounding application(s) filed by the Company. The Court has ruled in favour of the writ petition number 2026/2017 filed by NDTV against the RBI and Enforcement Directorate,” NDTV said in a BSE filing on Tuesday.

“NDTV had approached the Bombay High Court against the RBI's refusal to consider its compounding applications in circumstances where the RBI was relying on the Enforcement Directorate's unsubstantiated allegations against NDTV. The Bombay High Court has today quashed the directive issued by the Enforcement Directorate to RBI which had prevented the compounding, “ it added.

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NDTV case: Don't take coercive step, HC to I-T dept on Rs-428 cr demand

No coercive step against NDTV on Rs-428 cr I-T demand: HC



The Delhi High Court on Tuesday directed the Income Tax department not to take any coercive step against media house New Delhi Television (NDTV) in connection with a Rs 428- crore demand raised by the authority.

A bench of justices S Muralidhar and Pratibha M Singh said it was "satisfied" that there was a prima facie case in favour of NDTV.

The court also issued notice to the IT return department and sought its reply on the television channel's plea challenging the demand order of July 26 and a show cause notice of the same day. The notice was issued for failure to pay the amount in time.

Senior advocate Harish Salve, appearing for NDTV, contended that the July 26 order was "without jurisdiction" and based on "piecemeal assessment".

Pulling up the tax authority for issuing the demand order and the notice, the bench noted that the time given for deposit of the amount was 'immediately now' which appeared to be an "over enthusiastic step" and "on the face of it illegal".

"How can you pass penalty order when no time has been given for payment of the amount which was determined on July 26," the court asked the I-T department.....Read  Article Source

CBI raids NDTV's Prannoy Roy for 2008 deals with ICICI Bank

Complaint by Quantum alleges Rs 48-cr loss caused to bank to benefit NDTV promoters

 

 

Business News - Officers of the Central Bureau of Investigation (CBI) on Monday raided the residence of senior journalist and co-founder of listed broadcaster New Delhi Television (NDTV) Prannoy Roy and other premises linked to the organisation.

 

 

The investigation agency has registered a case against Prannoy Roy, his wife and NDTV co-promoter Radhika Roy, their private firm RRPR Holdings and NDTV India. The First Information Report (FIR) also mentions “unnamed ICICI Bank officials” among the suspects.

 

Shares of NDTV tanked nearly 7 per cent intra-day. The stock plunged 6.74 per cent to Rs 58.10, a 52-week low, on the BSE during the day. Later, it trimmed some of the losses and ended at Rs 60.45, down 2.97 per cent.

NDTV said it would fight the “witch-hunt”. It called the CBI action an attempt to undermine democracy.

 

The FIR, which has alleged criminal conspiracy and invoked Prevention of Corruption Act, was based on a complaint by Quantum Securities, a firm run by Delhi-based stockbroker and NDTV shareholder Sanjay Dutt. Dutt, who once shared a close relationship with the Roys, had lodged several complaints against NDTV and its promoters with various agencies, including the Securities and Exchange Board of India and the income tax department.

A statement from the company said: “It is shocking that the CBI conducted searches on NDTV offices and the residence of its promoters without even conducting a Preliminary Enquiry. This is a blatant political attack on the freedom of the press, as sources confirm that under pressure, the CBI has been compelled to file an FIR based on a shoddy complaint by a disgruntled former consultant at NDTV called Sanjay Dutt, who has been making false allegations and filing cases in courts of law with these false allegations. So far, he has not obtained a single order from any of these courts. Legal analysts are astounded that where courts have rejected giving any order in all these years, the CBI conducts raids based on what is a private complaint".