SEBI closes NDTV adjudication, imposes no penalty over VCPL deal
SEBI has officially closed its adjudication proceedings into NDTV, deciding not to fine the news channel over a 2009 financing deal with VCPL.
The regulator had accused NDTV of hiding a change in control, but after reviewing everything, SEBI's May 29 order found no violations, so NDTV walks away penalty-free.
SAT ruled VCPL loan not control
This all started when SEBI claimed VCPL gained control of NDTV through a loan agreement with its promoters in 2009.
But in 2022, the Securities Appellate Tribunal (SAT) ruled it was just a financial arrangement—not an actual transfer of control.
Later that year, VCPL made an open offer as part of a new acquisition move.
SEBI decided no disclosure was needed since there was not any legal change in who runs the show.
The SEBI proceedings are finally wrapped up.