SAT directs NDTV’s Prannoy Roy, Radhika Roy to deposit 50% of disgorged amount
PTI, Jan 11, 2021, 3:06 PM IST
Source : Twitter
New Delhi: The Securities Appellate Tribunal (SAT) has directed NDTV”s promoters Prannoy Roy and Radhika Roy to deposit 50 per cent of the disgorged amount before markets regulator Sebi within four weeks.
It further said if NDTV deposits the amount, the balance amount will not be recovered during the pendency of the appeal before SAT.
In two separate orders passed on January 4, the tribunal noted that the appeals filed by the Roy couple needed consideration and directed the appeals to be listed before the tribunal for final disposal on February 10, 2021.
This comes following appeals filed by the couple 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.
However, the charges were denied by the company.
Sebi noted that the duo together made the gains by indulging in insider trading in the shares of New Delhi Television Ltd (NDTV) while in possession of UPSI relating to the proposed reorganization of the company.
Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director during the period under investigation and were part of the decision making chain that had led to crystallization of the UPSI.
Discussions pertaining to reorganization of the company started on September 7, 2007 and the disclosure was made on April 16, 2008.
Hence, September 7, 2007 to April 16, 2008 was unpublished price sensitive information (UPSI) period.
The couple sold shares on April 17, 2008, when the trading window for them was closed and made a profit of Rs 16.97 crore, as per the Sebi order.
By doing so, they violated Prohibition of Insider Trading (PIT) norms and also acted in contravention of NDTV”s code of conduct for prevention of insider trading which prohibited them from trading at least till 24 hours after the information was disclosed to the stock exchanges, it added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
MUST WATCH
Latest Additions
Padubidri: Truck breaks down on road after tyre burst
Uppinangady: Wedding called off after bride refuses to tie the knot at last minute
IPL betting racket busted; three men held, search on for another
Nearsightedness is at epidemic levels – and the problem begins in childhood
Firing outside Salman Khan’s home: Lookout circular issued against Anmol Bishnoi