NDTV To Appeal In Supreme Court Against SAT Order On Disclosures

NDTV To Appeal In Supreme Court Against SAT Order On Disclosures

NDTV is appealing to the Supreme Court against what the company believes is an incorrect order by the Securities Appellate Tribunal or SAT.

NDTV maintains that it followed all procedures and requirements and made full disclosures regarding what was, in fact, a false tax demand that was served on the company for a proper and legitimate investment of $150 mn by NBC, one of the top American TV networks and a subsidiary of General Electric at the time. The outrageous and mischievous tax demand was made in 2014 for Rs 450 crore. The investment was disclosed both by NDTV in India and in the USA by NBC's parent company, General Electric, at the time and in keeping with all regulations and processes.

To call this legitimate and publicly-declared investment a "sham transaction" was and remains a travesty of the truth; NDTV is fighting multiple legal cases based on this ludicrous allegation.

The false charge that NDTV withheld information has been made by a shareholder who has on several occasions demanded money from the company for withdrawing false complaints. He has filed multiple false and malicious cases against NDTV as part of a lengthy and vicious campaign.

We will appeal against today's SAT decision in the Supreme Court and have full faith in its fairness and independence.

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