Television

NDTV files fresh application against Quantum Securities

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2014/10/31/ndtv.png?itok=tIDyM47G

MUMBAI:  Prannoy Roy-promoted media company New Delhi Television (NDTV) has filed a fresh application against a minority shareholder, Quantum Securities Limited (QSL) in the Bombay High Court, after QSL ran a newspaper advertisement accusing NDTV of not disclosing vital facts during a presentation to fund managers, equity brokers and investors by the company.

Quantum owns 0.22 per cent in the group. According to the advertisement published in the Economic Times, QSL said the company, in its presentation, did not reveal certain facts that included the income tax departments’ demand of Rs 492 crore tax dues for the annual year 2009-10.

“Sum of parts of NDTV group assets is not reflected in the market cap of NDTV. This is particularly true for the value of its digital assets.” It further said, the network had made no mention of the notice served to NDTV and its promoters by the department and a pending adjudication with the Income Tax Appellate Tribunal (ITAT).

The ad further highlighted that the issues relating to the Company Petition for Reduction of Capital filed by NDTV in Delhi High Court was also not mentioned. It quotes from an affidavit filed by the department "there are serious allegations of round-tripping for evasion of taxes in the case of the petitioner company for the annual years 2010-11 and 2011-12, being investigated."

The income tax department also objected to the decision of NDTV Board relating to NDTV Convergence and stated that the petitioner company (NDTV) has not disclosed material facts while seeking approval of capital reduction. This establishes that the applicant company (NDTV) has not approached with clean hands. This capital reduction has been proposed with malafide intention of defrauding revenue of its legitimate tax dues.

Additionally, the ad said the presentation did not mention that NDTV Convergence had filed a charge to the Registrar of Companies, New Delhi that hypothecated all movable and immovable assets to YES Bank.

In response to QSL's ad, NDTV clarified to the National Stock Exchange (NSE) that the allegations were baseless as it had made all announcements on the proceedings (in the ITAT and the Delhi High Court) to the exchanges as required by law and also included those in the annual report of the company.

“The allegations and insinuations and statements made by QSL in the said announcement are completely false, vexatious and have no basis in law or in fact. The announcement places selective material before the public at large and makes false and baseless allegations against the Company,” NDTV said in the notice.

“The Company submits  that  the  allegations made  by  the  QSL in  the Announcement are  completely baseless as the  Company has in fact made all necessary  announcements in relation to the proceedings to the stock exchanges as required by law. Further, the necessary disclosures in relation to the same have also been made in the Annual Report of the Company,” the statement added.

The notice by NDTV further highlighted the fact that QSL director Sanjay Dutt and his related companies have been investigated for market manipulation by capital markets regulator Securities and Exchange Board of India.

Further it said, “At  the  outset  we   state  that   the Announcement is in flagrant violation of the injunction passed  by  the Hon'ble Bombay High  Court  against   inter-alia QSL and  its  directors including one Sanjay Dutt.”

On 27 June 2013, the company sent a legal notice to Quantum Securities, Dutt and directors of the company, through its law firm Amarchand Mangaldas accusing him of making defamatory statements, writing to various regulators and ‘launching a tirade’ against NDTV because he bears a ‘grudge’ against the broadcaster. Dutt was a consultant to NDTV from 2006-08.

The court had granted relief to NDTV by its orders dated 6 and 13 August and 13 and 17 October 2013, in terms of which QSL and its directors were restrained from issuing any defamatory letters, notices, emails, etc.

Click here to read the full statement by NDTV

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/22/vifwbywb.jpg?itok=B3M6rN1o
Discovery’s first of its kind show 'Capital Police - Beyond the Khaki' captures Delhi Police live in action

Mumbai - Delhi, the capital of India, the second most populous complex megacity in the world buzzing with over 18 million people, is managed by 81,000 personnel of Delhi Police. In a first of its kind television series, ‘Capital Police - Beyond the Khaki’, scheduled to premiere on 23rd July at 9 PM...

Television TV Channels Factual @ Discovery
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/22/zeecafe.jpg?itok=S7IlVqLk
It’s time to go ‘Back To The Future’ and meet your favourite Shel-Bot as Zee Café airs The Big Bang Theory Season 11 and Season 12

MUMBAI: A white board filled cryptic algorithms, a couch with a reserved spot and a bunch of math geeks with a gorgeous neighbour next door – The Big Bang Theory is one show that has truly had us hooked for twelve straight seasons! Still coming to terms with the end of an era as the series reached...

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/22/arun.jpg?itok=y8--4EqL
A+ E Networks | TV18 elevates Arun Thapar to president - content & communication

MUMBAI: A+E Networks | TV18 has promoted Arun Thapar as President - Content & Communication. In his new role, Thapar will additionally manage Brand Marketing, Digital, and Branded Content of A+E Networks | TV18 along with his current portfolio of Content Strategy Management, Creative and...

Television TV Channels People
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/22/NEP.jpg?itok=Uraj-KrN
NEP deploys multiple Calrec consoles and routing technology for premium audio at Wimbledon 2019

MUMBAI: Viewers around the world enjoyed premium quality audio while watching Wimbledon 2019 with NEP UK deploying 15 Calrec consoles at the South West London tennis venue, alongside extensive Calrec networking and routing technology and I/O boxes. An additional three Calrec consoles were used in...

Television TV Channels Sports
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/22/epic.jpg?itok=8H-78DJm
EPIC Channel’s ‘Lost Recipes S2’ gets release date

MUMBAI: EPIC Channel – India Ka Apna Infotainment is renowned for creating premium, genre-defining, India-centric content. The channel is all set to air the second season of one such show - ‘Lost Recipes’, hosted by celebrity chef Aditya Bal, that explored India’s diversity through the history and...

Television TV Channels Factual @ Discovery
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/20/TV_REMOTE.jpg?itok=jEQBmFHp
SVoD-Pay TV combined households increasing

With the advent of subscription-based video-on-demand services (SVoD), Pay-TV households are declining globally. But numbers of SVoD only households along with SVoD-Pay-TV combined households are increasing, according to a report from Ampere Analysis.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/20/Prime_Day.jpg?itok=YYBduO7J
With Prime Day Sale ads, Amazon Prime Video becomes top brand in BARC week 28

The Broadcast Audience Research Council (BARC) India has released its data for top advertisers and brands for the period between 6 July 2019 and 12 July 2019.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/19/kabaddi.jpg?itok=rzdA8u0k
#IsseToughKuchNahi say all twelve captains of VIVO PROKABADDI SEASON 7

MUMBAI: VIVO Pro Kabaddi League, one of the most-anticipated sporting events of the calendar is back with Season 7 begins on 20th of July 2019 in Gachibowli, Hyderabad. Unveiling the coveted trophy, the captain of all 12 teams came together to speak about the excitement for the upcoming season.

Television TV Channels Sports
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/19/star-movies.jpg?itok=CpNi1tDR
Look Beyond What’s Visible and Travel in Time with Star Movies’ Movie of the Month, A Wrinkle in Time

MUMBAI: Star Movies, one of the leading English Movie Channel, is geared to entertain all ages and make you travel in time and space with its Movie of the Month, A Wrinkle in Time. Based on a 1962 book which has been in and out of controversies ever since, the movie still grossed over $132 Million...

Television TV Channels English Entertainment

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories