The Securities Appellate Tribunal (SAT) on Tuesday granted NDTV promoters Prannoy Roy and Radhika Roy temporarily relief from a SEBI order of last week that that barred them from being directors of the newschannel as well as holding top management positions in any firms for two years.
The broadcaster said late Tuesday that SAT has stayed the market regulator Sebi’s order banning its three promoters – Prannoy Roy, Radhika Roy and their holding firm – from the capital markets for two years. The SAT, which is the appellate authority over Sebi, has listed the appeals filed by the Roy couple and RRPR Holding Private Ltd on September 16, 2019 for hearing, it added. “The SAT also directed that in the interregnum, the appellants shall not alienate or create encumbrance on their shareholding in NDTV,” the broadcaster said.
According to NDTV, the SAT in its hearing observed “restraint imposed on Prannoy Roy and Radhika Roy from occupying the position of director or key managerial personnel in NDTV for a period of two years is not in the interests of the shareholders or, investors in NDTV and granted a stay on the operation and effect of the impugned order”.
Late last week the SEBI had barred NDTV Ltd’s three promoters from the capital markets for two years and restrained the Roys from holding any board or top management role at the company in this period. The Roys were barred from holding a board or key managerial position at any other listed company for one year, Sebi said while coming down heavily on them and RRPR Holdings Pvt Ltd for what it termed as violation of various regulations by keeping minority shareholders in the dark about three loan agreements.
–India Legal Bureau