Insta
SEBI Bans Prannoy Roy And Radhika Roy From Management Posts In NDTV For Two Years; Prohibits Dealings In Securities
Swarajya Staff
Jun 15, 2019, 01:05 PM | Updated 01:05 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The Securities and Exchange Board of India (SEBI) has issued an order which bars NDTV promoters Prannoy Roy and Radhika Roy from any sort of dealing in the securities market for a two-year period, reports The News Minute.
Both of them are also prohibited from taking up any managerial or key position in NDTV during the said time frame, nor in any other listed firm for one year. Existing securities owned by the two will also remain frozen during the two-year period.
The order comes following a SEBI investigation into allegations made by Quantum Securities, a shareholder in NDTV, that the company did not disclose to the stock exchange or its shareholders a corporate rupee term loan facility agreement it had entered into with ICICI Bank in 2009.
“In view of the observations and findings recorded..., it can be deduced that Noticee no. 2 (Prannoy Roy) and 3 (Radhika Roy) have failed to comply with all applicable laws and have also engaged in a conduct which is not honest and ethical and not free from fraud or deception, as required under the Code of Conduct of the NDTV,” the SEBI order states.
Prannoy Roy and Radhika Roy came out with their own statement in response to the order and said that it was “outrageous, bad in law and against all procedures”. The two are planning to initiate a legal challenge against the order.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.