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SAT upholds penalty on NDTV for failure to comply clause 36 of Listing Agreement

August 8, 2019[2019] 108 taxmann.com 141 (SAT)
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COMPANY LAW : Where final assessment order of appellant was passed by Assessing Officer on 21-2-2014 by which a demand of Rs. 450 crore was raised, but information to Stock Exchange was provided at a belated stage on 26-5-2014 and 29-5-2014 after more than 3 months of final assessment order and that too when clarification was sought by Stock Exchange, it was held that there was gross failure on part of appellant in not making disclosure under Clause 36 of Listing Agreement under which company is required to intimate Stock Exchange with regard to material events immediately and, therefore, penalty was rightly imposed on appellant for violation of sections 23E and 23A of SCRA for failure to comply with Clause 36 of Listing Agreement

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