Description

SEBI adjudication order imposing penalties on SAR Televenture Limited for violating LODR regulations regarding disclosure of material agreements with BSNL and NHAI.

Summary

SEBI issued an adjudication order against SAR Televenture Limited for violations of LODR regulations during January-June 2024. The company failed to properly disclose material agreements including a revenue-sharing agreement with BSNL for optical fiber cable network construction and NHAI approval for 4G/5G infrastructure installation on NH-24.

Key Points

  • SAR Televenture Limited violated SEBI LODR regulations sections 4(1)(c), 4(1)(h) and 30(6)
  • Violations occurred from January 2024 to June 2024
  • Non-compliance related to disclosure of revenue-sharing agreement with BSNL for OFC network construction
  • Failed to properly disclose NHAI approval for installing 50 units of 4G/5G network infrastructure on NH-24
  • Case initiated based on exceptional report from NSE
  • Show Cause Notice issued on January 31, 2025

Regulatory Changes

No new regulatory changes introduced - enforcement of existing LODR disclosure requirements.

Compliance Requirements

  • Listed companies must ensure timely and accurate disclosure of material agreements
  • Revenue-sharing agreements and regulatory approvals must be disclosed as per LODR regulations
  • Companies must comply with regulation 30(6) read with Schedule III disclosure requirements
  • Proper documentation and timely reporting of material events is mandatory

Important Dates

  • Violation Period: January 2024 to June 2024
  • Show Cause Notice: January 31, 2025
  • First AO Appointed: January 15, 2025
  • Current AO Appointed: April 21, 2025
  • Order Date: September 2025

Impact Assessment

This enforcement action reinforces SEBI’s strict approach to disclosure compliance. While specific to SAR Televenture Limited, it serves as a reminder to all listed companies about the importance of timely disclosure of material agreements and regulatory approvals. The case particularly highlights scrutiny of telecom sector agreements and infrastructure projects requiring regulatory clearances.

Impact Justification

Company-specific enforcement action for disclosure violations, limited broader market impact