Companies should disclose material events promptly & ensure that they are available in public domain: SAT

M/s New Delhi Television Limited Vs SEBI (SAT Mumbai) SAT upheld the order of SEBI penalising the Company and its Directors for non- disclosure of tax demand on the grounds that any information which have effect on the operations of the Company is price sensitive and must be disclosed immediately to the Stock exchange. However, penalty levied on Compliance Officer was reversed on the grounds that being an employee the Compliance Officer works under the direction of Board/Managers of the Company.In the same matter SAT inferrred that it is the obligation of the Company to ensure that all the dis...