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The Securities Appellate Tribunal (SAT) while directing Securities and Exchange Board of India (SEBI) to file a reply, has asked New Delhi Television Ltd (NDTV) promoters Dr Prannoy Roy and Radhika Roy to deposit 50% of the disgorged amount with SEBI in four weeks. In November 2020, SK Mohanty, whole-time member (WTM) of SEBI has asked Dr Roy and his wife Radhika to jointly or severally, disgorge the amount of wrongful gain of Rs16.97 crore along with an interest, made for a transaction in December 2007 and April 2008.
Both Dr Roy and Ms Roy approached SAT against the SEBI order. One of the contentions which arise for the SAT bench comprising justice Tarun Agarwala, Dr CKG Nair and justice MT Joshi for consideration was whether there has been an undue delay in the initiating proceedings when transactions were made on the stock exchange platform.
SAT asks NDTV s Prannoy and Radhika Roy to deposit 50% of disgorged amount
The Securities Appellate Tribunal (SAT) said if NDTV deposits the amount, the balance amount will not be recovered during the pendency of the appeal before it
PTI | January 11, 2021 | Updated 16:03 IST
NDTV promoter Prannoy Roy
The Securities Appellate Tribunal (SAT) has directed NDTV s promoters Prannoy Roy and Radhika Roy to deposit 50 per cent of the disgorged amount before markets regulator Sebi within four weeks. It further said if NDTV deposits the amount, the balance amount will not be recovered during the pendency of the appeal before SAT.
In two separate orders passed on January 4, the tribunal noted that the appeals filed by the Roy couple needed consideration and directed the appeals to be listed before the tribunal for final disposal on February 10, 2021.
Read more about Deposit 50% of disgorged amount: Tribunal to NDTV s Prannoy and Radhika Roy on Business Standard. The Securities Appellate Tribunal (SAT) has directed NDTV s promoters Prannoy Roy and Radhika Roy to deposit 50 per centof the disgorged amount before markets regulator Sebi
Markets regulator Sebi on Thursday imposed a total penalty of Rs 27 crore on NDTV promoters, Prannoy Roy and Radhika Roy, as well as on RRPR Holding for violating various securities norms by concealing information from shareholders regarding certain loan agreements. RRPR Holding is a promoter entity of New Delhi Television Ltd (NDTV). According to Sebi, certain loan agreements had clauses that have adversarial effect on the NDTV shareholders. The regulator said its probe began after receipt of complaints, in 2017 from Quantum Securities Pvt Ltd a shareholder of NDTV about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with VCPL.