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Supreme Court adjourns plea filed by NDTV promoters against SAT order

The bench led by the Chief Justice SA Bobde was on Thursday informed by Senior Counsel Mukul Rohatgi appearing for the petitioners that he will file the statement of the shares along with the values which the petitioners are offering as guarantee in view of the orders of the Tribunal.

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The Supreme Court has adjourned hearing on petitions filed by NDTV promoters Prannoy Roy and Radhika Roy challenging the order of Securities Appellate Tribunal directing them to deposit 50% of the unlawful gains which the SEBI found to have been made by them by insider trading. 

The bench led by the Chief Justice SA Bobde was on Thursday informed by Senior Counsel Mukul Rohatgi appearing for the petitioners that he will file the statement of the shares along with the values which the petitioners are offering as guarantee in view of the orders of the Tribunal. Justice A.S. Bopanna and Justice V. Ramasubramanian was also part of the bench. 

In two separate orders passed on January 4, the Securities Appellate Tribunal (SAT) noted that the appeals filed by the petitioners needed consideration and directed the appeals to be listed before the tribunal for final disposal on February 10, 2021.

The petitioners had filed an appeal before SAT against a SEBI order passed in November, whereby the markets regulator had barred them from the securities market for two years and also directed them to disgorge illegal gains of Rs 16.97 crore for indulging in insider trading more than 12 years ago.

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The undertaking was made pursuant to the Chief Justice asking Rohatgi whether the petitioners were willing to give security failing which the Tribunal may not hear them. 

Moreover, the bench wanted the appeal to be heard in accordance of law. 

The matter would now be heard on Monday. 

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