The Exchange has sought clarification from Sri Adhikari Brothers Television Network Limited with respect to recent news item captioned NCLT Dismisses Sri Adhikari Brothers Plea Against Canara Bank's Fraud Classification Show-Cause Notice. The response from the Company is attached.
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The NSE asked the company to clarify a news report that the NCLT had dismissed its plea challenging a show-cause notice from Canara Bank related to a potential fraud classification of its account. The company confirmed that Canara Bank had issued a show-cause notice, which it contested at the NCLT, but stressed that no actual adverse declaration or fraud classification has been made against its account so far. The company described the matter as being at a very early stage and said it has no material impact on operations, performance, or share price. It added that it will pursue further legal options as needed.
Negative signal for shareholders — the NCLT ruling went against the company, leaving the bank fraud-classification process still open and creating an ongoing risk overhang on the stock. Until the matter is resolved, uncertainty around the company's banking relationship remains.