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SAT directs NDTV founders to deposit 50% of fine before SEBI
NEW DELHI: Following appeals by NDTV founders and promoters Prannoy Roy and Radhika Roy against the Securities and Exchange Board of India (SEBI) order of Rs 27 crore fine for alleged non-disclosure of loan agreements, the Securities Appellate Tribunal (“SAT”) has held that the pleas require consideration. The matter has been listed for final disposal on 10 February 2021.
Meanwhile, SAT has directed NDTV to “deposit 50 per cent of the disgorged amount before the respondent within four weeks from today. If the said amount is deposited the balance amount shall not be recovered during the pendency of the appeal.”
The founders have decided to file an appeal in the Supreme Court against the aforesaid SAT order.
Earlier in December 2020, SEBI imposed a fine of Rs 27 crore on NDTV for concealing information from shareholders on certain loan agreements. However, in a regulatory filing, the channel mentioned that the promoters through disclosures to the stock exchanges have repeatedly said that they have never allowed for the transfer of NDTV's control and that they continue to own and hold 61.45 per cent of the total paid-up share capital of in the media entity.
