NDTV to sell certain strategic assets
Moneylife Digital Team 17 April 2017
New Delhi Television Ltd (NDTV) is planning to sale certain strategic assets of its subsidiaries, the company says in a regulatory filing. 
In the regulatory filing, the company says, "NDTV has informed the Exchange that as per the Company's Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the securities of the Company will remain closed from 17 April 2017 till the conclusion of 48 hours from the date of Board meeting of the Company that is being convened to consider, inter alia, potential sale of certain strategic assets by certain material subsidiary (ies) of the Company."
Last week, the TV channel informed the Exchanges that it had filed a special leave petition before the Supreme Court, against an order passed by Delhi High Court. It says the apex court had directed the High Court to dispose the matter related with Income Tax Department within 10 days from 10 April 2017.
In March, the Delhi High Court has vacated a stay granted by the Income Tax Appellate Tribunal (ITAT) on the Rs525 crore penalty on NDTV saying that the Tribunal does not have any powers in this matter. The Delhi High Court was hearing the case (W.P.(C)­1327/2017) related with a stay granted by the ITAT on 15 September 2016. In its order, the ITAT had directed Income Tax (I-T) Department not to pass any order for the proposed penalty of Rs525 crore against NDTV till final disposal of the main appeal pending before the Tribunal. 
NDTV closed Monday marginally higher at Rs72.15 on the BSE, while the 30-scrip Sensex ended marginally down at 29,413.
Free Helpline
Legal Credit