sebi:WTM/GM/CFD/MISC-COMPL/46/2019-20
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Provisions invoked
- s. 4A
- s. 31
Regulations
- Reg. 13(2)
- Reg. 2(1)(e)
- Reg. 30(1)
- Reg. 201
- Reg. 5(2)
- Reg. 16(1)
- Reg. 28(2)
- Reg. 13(2)(b)
- Reg. 8(8)
- Reg. 8(2)(a)
Holding
The SAT set aside SEBI's decision dated 9/1/2017 and directed SEBI to decide afresh by a quasi-judicial order whether on execution of the ZOCD Agreement dated 27/2/2012 RIL acquired indirect control over NW18 through IMT and failed to disclose the same in violation of Clause 36 of the Listing Agreement.
Full text
Order in the matter of NETWORK 18 Page 2 of 27 “16. From the aforesaid facts, it is clear that in view of the decision of this Tribunal dated 13/4/2016 in Appeal No.55 of 2015, it cannot be said that the decision of SEBI dated 9/2/2015 has attained finality. On the contrary, pursuant to the directions given by this Tribunal, in public interest, on 13/4/2016, it was obligatory on part of SEBI to reconsider the issue decided on 9/2/2015. Admittedly, after reconsidering the issue, SEBI has not passed any quasi judicial order but has only filed an affidavit on the issue raised by the appellants. In these circumstances, while setting aside the impugned decision of SEBI dated 9/1/2017, we deem it proper to direct SEBI to decide afresh the question as to whether RIL violated Clause 36 of the Listing Agreement by failing to disclose that it had acquired indirect control over NW18 through IMT by subscribing to the ZOCDs under the ZOCD Agreement.
Order in the matter of NETWORK 18 Page 3 of 27 submitted a report to this Tribunal in the form of an affidavit. In these circumstances, while setting aside the impugned decision dated 9/1/2017, we direct SEBI to decide afresh the question as to whether on execution of ZOCD Agreement dated 27/2/2012 RIL acquired indirect control over NW18 through IMT and failed to disclose the same in violation of Clause 36 of the Listing Agreement.
Order in the matter of NETWORK 18 Page 4 of 27 benefit of RIL. The Trustee, NCPL (Renamed as Digital Content Private Limited) was 100% owned and controlled by Raghav Bahl and his wife (Ritu Kapur) (promoters of Network18).
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Source: SecMarx — sebi:WTM/GM/CFD/MISC-COMPL/46/2019-20. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.