NDTV to seek waiver of penalty imposed by BSE and NSE for non-compliance in appointment of director
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New Delhi: NDTV will file an application within 15 days to seek waiver of the penalty imposed by NSE and BSE for non-compliance in appointment of director.
In a regulatory filing on Saturday, NDTV said that it had been seeking an extension for the appointment of a sixth director to the board of the company in terms of Regulation 17(1)(c) of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The NSE through a letter dated August 21 has imposed a penalty on the company of Rs 5.36 lakh, inclusive of GST, for the delay in this matter.
The BSE, also through an email dated August 20, has imposed a penalty on the company of Rs 5.36 lakh, inclusive of GST, for the delay in this matter.
On March 30, 2020 and June 29, 2020, NDTV said it that had written to SEBI, explaining its difficulty in finalising a candidate for the appointment of a sixth director on account of the Covid-19 pandemic.
The company has not received any response to, or acknowledgement of, these letters, it said.
"The company had also submitted its explanations for the alleged non-compliance to NSE and BSE vide response dated July 31 and August 12, 2020, respectively. On August 2, 2020, in compliance with Regulation 17(1)(c), the company appointed Darius Taraporvala as the sixth director to the board of the company, subject to the approval by the Ministry of Information and Broadcasting," NDTV said.
"Since the alleged non-compliance was solely on account of the Covid-19 pandemic, the company shall file an application within 15 days to seek waiver of the penalty imposed by the NSE in accordance with the carve-out policy, which allows for waiver of fines," NDTV said.
It will also seek a similar waiver from the BSE.
NDTV had earlier announced that Shiv Ram Singh, Company Secretary and Compliance Officer of the company, through a letter dated August 14 has resigned with effect from September 13.
The company will inform the stock exchanges as soon as a new Company Secretary is appointed by the Board of Directors.