Bombay HC neglects the order of Sebi, says NDTV
New Delhi, September 5 () The private television channel NDTV said Thursday that it received help from the Bombay High Court, which has overturned an order approved by the market regulator, Sebi.
Sebi had rejected NDTV's statement on the cancellation of the delay in the presentation of settlement requests before the market regulator after it initiated an adjudication procedure against the private television channel for alleged violations of the Securities Contract Law ( Regulation) of 1956.
The Bombay High Court ruled in favor of NDTV in a written petition filed by the company. In its order, dated September 4, 2019, the Superior Court said Sebi had made a serious mistake, a BSE statement from NDTV said.
NDTV in its written request had challenged the orders approved by Sebi on August 23, 2017 and August 31, 2017, rejecting settlement requests submitted by the company and its/directors/KMPS, among other things, in the alleged late disclosure of a tax in dispute of Rs 450 crore. lawsuit and other alleged non-disclosures.
Sebi had rejected the agreements due to the delay in submitting the requests for agreements. In that case, the Bombay High Court issued its ruling on September 4, 2019, allowed the petition for appeal filed by the company and annulled the contested orders dated August 23, 2017 and August 31, 2017 approved by Sebi, The company said. The High Court has further tolerated the delay in submitting the requests for solution and has ordered Sebi to decide those requests on the merits. Consequently, the Superior Court has ordered that if any adjudication order has been approved after the filing of the solution requests with respect to the notices of cause of the show, which are the subject of these settlement requests, they would be invalidated. he added. KKS MKJ