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 awaited.
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The NSE has asked Sri Adhikari Brothers Television Network Limited to clarify a recent news report that the NCLT (National Company Law Tribunal) has dismissed the company's plea challenging Canara Bank's fraud classification show-cause notice. This means the company's attempt to get relief from the tribunal was unsuccessful. The company has not yet responded to the exchange's query. The matter relates to allegations that Canara Bank had classified the company as a fraud account.
This is negative for shareholders as it indicates the company failed to get relief against the fraud classification proceedings by Canara Bank. The awaited response and the fraud-related tag could increase uncertainty and put pressure on the stock.