City
Epaper

SAT stays SEBI's order barring NDTV promoters from key posts

By IANS | Updated: June 18, 2019 22:10 IST

The Securities Appellate Tribunal on Tuesday stayed the SEBI's order barring news channel NDTV's promoters - Prannoy Roy and Radhika Roy - from holding any key managerial positions in the board or the management of NDTV.

Open in App

"..we stay the effect and operation of the impugned order dated June 14, 2019 till the next date of hearing.

"We accordingly, grant the respondent six weeks time to file a reply from today (Tuesday). Three weeks thereafter to the appellants to file a rejoinder," the SAT said in its order.

The SAT also said that "it finds that the whole world knows about the impugned order except the appellants".

"Till date they have not been supplied a copy of the impugned order in spite of the oral direction given by this Tribunal yesterday (Monday)...," it said.

"We accordingly, direct the appellants to apply for a certified copy of the impugned order. If such an application is made, the SEBI will provide a certified copy of the impugned order within five working days," the tribunal added.

The matter would be listed for admission and for final disposal on September 16, it said.

Securities market regulator SEBI on June 14 debarred the Roys from holding any key managerial positions in the Board or the management of the news channel company for being "involved in fraudulent acts".

Additionally, along with RRPR Holdings, they have been debarred from accessing the stock markets or selling their holdings in the news channel. The Roys were also found to be in violation of NDTV's code of conduct, SEBI said in an order.

The order came after the SEBI carried out an investigation into allegations against the Roys and RRPR Holdings for not disclosing material information to the shareholders of NDTV about loan agreements entered into by them with Vishva Pradhan Commercial Private Ltd.

NDTV was incorporated in 1988 and is listed on the BSE and the NSE.

( With inputs from IANS )

Open in App

Related Stories

BusinessIndo German Carbons Limited Strengthens Brand Protection Measures Following Repeated Trademark Infringement

BusinessIndian Stock Market Recovers After US Ambassador’s Trade Deal Remarks; Sensex Up 1,000 Points, Nifty Reclaims 25,800

InternationalSouth Korea: Police, military launch joint probe into North Korea's claim of drone incursion

InternationalTiming of German Chancellor Merz's India visit particularly significant: Foreign Secy Vikram Misri

BusinessIndia to be invited to join US-led Pax Silica tech initiative: Ambassador Sergio Gor

कारोबार Realted Stories

BusinessThe Biggest Gap in Stock Market Education: How StockSprint Is Bridging Capital, Discipline, and Real-Market Exposure

BusinessInvestor Home Solutions (IHS) Sets a New Benchmark for Investor Engagement in Ultra-Luxury Real Estate

Business'Constructive' outlook on Indian equities amid private capex recovery, public infra spending

BusinessMP sets ambitious target; increase startups from 6,500 to 10,000 in 18 months

BusinessIndia-Germany economic ties to enter 'Limitless' phase in strategic sectors: PM Modi