Sebi serves show-cause notices to NDTV

Leading media firm NDTV Ltd on Tuesday said it has been issued show-cause notices by market regulator Sebi for alleged violation of takeover norms with respect to timely disclosure of some share transactions of its promoters. 

The company further said it is “of the opinion that the alleged non-compliances referred in SCN are technical/ procedural in nature” and it is seeking legal advice to take appropriate action in the said matter.

“The company and its promoters have, on June 13, 2016, received Show Cause Notices (SCNs) issued by Sebi with regard to certain non-compliances related to delay/non-filing of disclosures in the previous years under Sebi Takeover Regulations,” NDTV said in a regulatory filing to BSE.

The Sebi probe followed a complaint filed in May 2015 by Quantum Securities, alleging multiple disclosure violations by NDTV, its promoters and major shareholders.