Dish TV India and its promoters -- Direct Media Distribution Ventures Pvt Ltd and World Crest Advisors LLP -- on Wednesday settled with Sebi cases of alleged disclosure lapses after paying nearly Rs 45 lakh as settlement charges.
Direct Media Distribution Ventures Pvt Ltd (DMDVPL) and World Crest Advisors LLP (WCA) paid settlement amounts of Rs 29.08 lakh and Rs 7.70 lakh, respectively while Dish TV India Ltd (DTIL) paid an amount of Rs 8.20 lakh, as per three separate orders.
During the investigation period from December 21, 2016 to September 30, 2019 , Sebi found that there were certain transactions in the nature of invocation of pledge done by DMDVPL and WCA with respect to DTIL shares. In this regard, there was a delay in making necessary disclosures.
DTIL was required to notify the transactions of invocation of pledge to the exchanges within two trading days from becoming aware of the said information as required under PIT (Prohibition of Insider Trading) norms but failed to do so.
WCA had also made delayed disclosures with respect to the invocation of pledged shares on two occasions, the regulator said.
In addition, DMDVPL had made delayed disclosures on nine occasions out of which two of the disclosures were related to invocation of pledge and both these transactions were reported with a delay of 72 days. The remaining seven disclosures were related to creation of pledge for which the delay ranged from one to three days.
Pending adjudication proceedings, the entities proposed to settle the matter without admitting or denying the findings of fact and conclusions of law, and filed separate settlement applications.