TV Channel New Delhi Television Ltd. (NDTV) got relief from Bombay High Court on Thursday. Bombay High Court has set aside an order passed by the market regulator SEBI.
Bombay HC held that the news channel had furnished sufficient grounds for condonation of delay in filing settlement pleas with the market regulator.
The bench of Justice Akil Kuresh & Justice S. J. Kathawalla further added, “The grounds made out for condonation of delay were elaborate and sufficient. Such grounds were rejected with one sentence that they were not found sufficient. In this case also, in our opinion, the Board has committed a serious error.”
NDTV in its writ petition had challenged the orders passed by SEBI on August 23, 2017 and August 31, 2017. SEBI has rejected the settlements on account of delay in filing the settlement applications.