SAT extends stay on SEBI order barring NDTV promoters to hold key posts
- January 13,2021 By IndianTelevision Team
New Delhi: The Securities Appellate Tribunal has extended the stay in operation against the SEBI order barring NDTV promoters Radhika and Prannoy Roy from holding key posts.
It would mean that the founder-promoter duo could continue in their current positions at the organisation.
The next date of hearing has been set for 24 February 2021.
SEBI issued an order on 14 June 2019 barring the Roys from holding any key managerial positions in the channel’s management or the board for being "involved in fraudulent acts.” Additionally, along with promoter group RRPR Holdings, they were barred from accessing the stock markets or selling their holdings in the news channel for two years. The Roys were also found to be in violation of NDTV's code of conduct, SEBI said in the order.
The order came after 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 Pvt Ltd.
SAT stayed the order on 18 June 2019 and the matter has been going on since then.
Earlier this month, SAT also asked NDTV to deposit 50 per cent of the disgorged amount before markets regulator SEBI within four weeks. It further said if the channel deposits the amount, the balance amount will not be recovered during the pendency of the appeal before SAT. NDTV promoters have filed an appeal in the Supreme Court against the order.