The regulator had said Mr Biyani and his brother Anil had traded in shares of their Future Retail firm through a group company on the basis of unpublished price-sensitive information.
SC Asks Agency to Hear NDTV Promoters Appeals Without Insisting on SEBI Fine
SEBI had barred Prannoy and Radhika Roy from the securities market for two years and also directed them to disgorge illegal gains of Rs 16.97 crore for indulging in insider trading more than 12 years ago.
The logo of SEBI on its headquarters; and Prannoy Roy, promoter of NDTV. Photo: PTI
New Delhi: In a relief to New Delhi Television Ltd (NDTV
) promoters Prannoy Roy and Radhika Roy, the Supreme Court on Monday directed Securities Appellate Tribunal (SAT) not to insist on a deposit of half the amount of fines as a pre-condition for hearing their appeals against the orders of markets regulator Securities and Exchange Board of India (SEBI).
SAT stays SEBI’s order banning Kishore Biyani, other Future promoters from markets
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Kishore Biyani. File
The Securities Appellate Tribunal (SAT) has stayed the order passed by market regulator SEBI, that had put a one-year ban on Future Retail Chairperson Kishore Biyani and some other promoters from the securities market.
SAT has also directed the Future Group promoters to deposit a sum of ₹11 crore as an interim measure.
“In a hearing held on February 15, 2021, the Securities Appellate Tribunal has stayed the effect and operation of SEBI’s order accusing the promoters of the Future Group of insider trading in the context of purchases of Future Retail shares made in March 2017,” Future Corporate Resources Private Limited (FCRPL) said in a statement.
According to a statement by Future Corporate Resources Limited, the restructuring of the home furnishing businesses in the Future Group (with the physical store format of Future Retail and online store format of Future Enterprises being demerger into a new company) had been well known in the public since 2016.Futu
The channel had earlier promised its shares as security.
15 Feb, 2021 - 01:40 PM IST | By indiantelevision.com Team
NEW DELHI: In a major relief to NDTV promoters Prannoy Roy and Radhika Roy in the “wrongful gains by insider trading” case, the Supreme Court today directed the Securities Appellate Tribunal (SAT) to hear their appeal against the SEBI penalty of over Rs 16.97 crores, without asking for any deposit. The bench added that no amount shall be coercively recovered from the appellants for hearing the case.
The SAT had earlier directed the promoters of NDTV to deposit 50 per cent of the disgorged amount, which they allegedly made via wrongful insider trading, before markets regulator SEBI.