Companies & Sectors
NDTV to sell certain strategic assets
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.
 

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SC wants Sahara's Aamby Valley property auctioned
New Delhi, The Supreme Court on Monday asked the official liquidator of the Bombay High Court to auction the Aamby Valley property of the Sahara group to recover the money it has to pay to market regulator SEBI to be returned to investors.
 
Directing Subrata Roy Sahara to be personally present in the court on April 27, Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri demanded to know why the money had not been paid so far.
 
The top court had in 2012 asked Sahara to return the investors' money that Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd had raised in 2008 and 2009. 
 
Asking Roy to be present in the court on April 27, the bench said: "Now we are tired. We have heard a lot."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Notices served to Vasan Health Care, Advantage Strategic Consulting
Chennai, The Enforcement Directorate (ED) on Monday said it has issued notices to Vasan Health Care Pvt Ltd and Advantage Strategic Consulting for violation of the Foreign Exchange Management Act (FEMA) totalling to Rs 2,307 crore.
 
The two companies are connected to former Finance Minister P. Chidambaram's son Karti P. Chidambaram.
 
The ED said it had served notice to Vasan Health Care Pvt. Ltd of Rs 2,262 crore. 
 
Advantage Strategic Consulting was served Rs 45 crore for sale of Vasan's shares to overseas investors.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 
 

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