The Securities and Exchange Board of India on Monday disposed of the proceedings against the founders of New Delhi Television Limited for allegedly disclosing the company’s shareholding details after the deadline in a previous year.
Promoters of companies are required to disclose to stock exchanges the details of shareholding and voting rights after every financial year, within seven working days after March 31. However, the promoters of NDTV – Prannoy Roy, Radhika Roy and promoter firm RRPR Holding Pvt Ltd – were alleged to have delayed the disclosure in 2012 by 64 days in the case of Bombay Stock Exchange, and one day for National Stock Exchange.
In its order on Monday, Sebi said the allegations do not “stand established”. The promoters would not be issued any monetary penalties, Sebi General Manager and Adjudicating Officer K Saravanan’s order said.
Sebi found that the company had sent the required details within the stipulated timeframe. The BSE admitted it inadvertently reported an incorrect receipt date, while the NSE also said it had received the documents on time.