News Broadcasting
SC stays recovery of Rs 27 crore SEBI penalty from NDTV’s Prannoy, Radhika Roy
NEW DELHI: The Supreme Court on Friday put a stay on the recovery of Rs 27 crore as penalty from NDTV promoters Prannoy Roy and Radhika Roy and their holding company, reported Live Law. The penalty was imposed in December last year by the Securities Exchange Board of India (SEBI) for allegedly concealing information from shareholders about certain loan agreements.
The Roys had filed an appeal against the penalty at the Securities Appellate Tribunal (SAT). In January, the tribunal asked them to deposit 50 per cent of the amount to SEBI within four weeks. Later that month, the promoters moved the Supreme Court against the SAT order and sought to offer shares of their channel to pay up the amount.
On 15 February, the apex court had exempted the promoters from making the deposit for hearing at the SAT.
The bench comprising justice DY Chandrachud asked the Roys to cooperate in the disposal of the appeal by SAT, which is listed for final hearing on 6 April, Live Law reported.
Senior advocate Mukul Rohatgi, counsel for the NDTV promoters, laid out the chain of developments in the case to the court. He said that the two promoters had taken a loan of Rs 375 crore from ICICI Bank in 2008, which was repaid by VCPL. The channel owners then took another loan from VCPL for which they did not have to pay interest.
SEBI had alleged that this led to transfer of control, an information that was concealed from shareholders, amounting to violation of regulatory norms.
Rohatgi argued against SEBI’s allegation that the promoters had transferred control of the channel to VCPL. “How can I transfer control without any transfer of shares,” the advocate asked, as quoted by Live Law. “I have all the shares.”
Solicitor general Tushar Mehta, appearing for SEBI, argued that these are not mere allegations, but a 100-page decision against Prannoy and Radhika Roy.
“They are saying that they have not transferred the shares…Their shares are worthless,” Mehta said. “There is a direction by a statutory regulatory body that penalty has to be paid.”
He went on to state that the SAT decision asking them to file a deposit amount has been a practice in the tribunal.
However, justice Chandrachud dismissed the arguments and said that it was “brash” of the SAT to ask for a 50 per cent deposit.
“There has to be some consistency,” Chandrachud said. “Without any reason, you say 50 per cent deposit… You are exercising the power of stay. You are asking for some amount. There has to be some observations.”
News Broadcasting
Rajesh Sundaram joins NDTV Profit as senior editor, assignment
The 32-year newsroom veteran has launched channels on three continents and covered everything from 9/11 to South African television
MUMBAI: NDTV Profit has bolstered its newsroom with a hire who has done rather more than most. Rajesh Sundaram, a journalist with over three decades of editorial, managerial and consultative experience across India and international markets, joins as senior editor, assignment, tasked with sharpening the network’s newsgathering and real-time response.
Sundaram’s career reads like a tour of Indian media’s most formative moments. He began at Businessworld in 1994, moved to Zee News as bureau chief across Mumbai and Chennai, then joined NDTV in 2002 as part of its political bureau during a particularly febrile period in Indian politics. A stint as India correspondent for Al Jazeera International followed, where he covered key geopolitical developments and got his first serious taste of the global newsroom.
What sets Sundaram apart, however, is his serial channel-launching habit. At NewsX, he helped get the operation off the ground. At Headlines Today, part of the India Today Group, he served as editor. At News Nation, he helped launch the Hindi news channel and its digital ecosystem. He then crossed continents to lead the launch of ANN7 in South Africa as editor-in-chief, overseeing both television and digital. Back in India, he launched Tamil news channels News7 Tamil and Cauvery News, and later served as principal consultant for the launch of Marathi channel Lokshahi. Most recently, he helped build and lead the Press Trust of India’s video service and content studio, before stints consulting for Business Today and The Himalayan Times.
Rahul Kanwal, chief executive and editor-in-chief of NDTV, left little doubt about what Sundaram is expected to deliver. “The assignment desk is where a newsroom’s intent becomes action,” he said. “Rajesh brings a rare combination of field experience and leadership in building news operations at scale.”
Sundaram has reported from across India and the world, covering elections, civil conflicts, the aftermath of the 9/11 attacks and the 2008 US presidential election.
At NDTV Profit, he will lead the assignment desk, driving editorial coordination and real-time response across markets and breaking developments. For a business news network sharpening its focus on speed and multi-platform delivery, it has hired a man who has built newsrooms from scratch on three continents. The assignment desk is in good hands.
