Relief to NDTV Promoter: The Supreme Court continues to restore RS 27 CR penalty which is enforced by SEBI

NDTV promoters, Supreme Court Stay to Recovery. Relief to Prannoy Roy and Radhika Roy, NDTV promoters, Supreme Court Stay to Recovery. In fact, Rs27 crore as a penalty is being charged by the SEBI.

Rs27 crore as a penalty is being charged by the SEBI

On December 24, 2020, SEBI imposed a penalty on Prannoy Roy and Radhika Roy, and their parent company for allegedly violating various securities norms by hiding information from certain loan agreements.

Advocates Mukul Rohatgi, representing Roys, filed that running TV channels is a difficult proposition, because a lot of money is needed, and the income is not good.

NDTV promoters have taken loans from RS 375 Crore from ICICI Bank

NDTV promoters have taken loans from RS 375 Crore from ICICI Bank in 2008 and paid by other entities, VCPL, where other loans were taken in 2009. Rohatgi added that they took over loans and loans to them were still continuing where there was no interest debt.

There is no debt interest, they consider it fake to transfer NDTV control to VCPL, and as a result, the company has been punished.

NDTV advice was delivered in the name of Pranoy Roy

“I have not transferred my shares or shares my wife or people from my parent company to VCPL,” NDTV advice was delivered in the name of Pranoy Roy.

Last month, the top court had asked SAT to hear the appeal of Roys challenge the order in other things without the prerequisites of 50 percent deposits from the fine of RS 16.97 Crore.

Roys deposited 50 percent of the amount minus interest within four weeks

SAT on February 15 has directed that if Roys deposited 50 percent of the amount minus interest within four weeks, the amount balance would not be restored during the delay of appeal.

SAT orders have observed, “After considering the loan agreement in detail, the finding states that the loan agreement is nothing but a false agreement and that no wise person or entity will hold a loan without a loan. Interest. In fact, as further found that money transfers are controlling the company registered with NDTV. “

The bench consisting of Judge D.Y. Chandrachud and M.R. Shah also directed Roys to work together in the exhaust appeal that quickly challenged orders before the Securities appellate tribunal (SAT) effect, which was registered for final disposal on April 6, 2021.

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