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language | Updated: 15 Feb 2021, 06:47:00 PM

New Delhi, 15 February (Language) The Supreme Court on Monday granted relief to the promoters of television channel NDTV, Prannoy Roy and Radhika Roy. The court directed the Securities Appellate Tribunal (SAT) not to insist on the pre-condition of depositing half of the fine for hearing on their appeal against the order of market regulator SEBI. The promoters of NDTV have challenged SAT’s order asking them to deposit a part of the allegedly wrongfully earned profits before appearing in the appeal. Indian Securities and Exchange

New Delhi, 15 February (Language) The Supreme Court on Monday granted relief to the promoters of television channel NDTV, Prannoy Roy and Radhika Roy. The court directed the Securities Appellate Tribunal (SAT) not to insist on the pre-condition of depositing half of the fine for hearing on their appeal against the order of market regulator SEBI. The promoters of NDTV have challenged SAT’s order asking them to deposit a part of the allegedly wrongfully earned profits before appearing in the appeal. The Securities and Exchange Board of India (SEBI), in its investigation, found that both these promoters of NDTV had profited unfairly. A bench of Chief Justice SA Bobde, Judge AS Bopanna and Judge V Ramasubramaniam said that SAT should hear the appeals of the promoters of NDTV without insisting on depositing fine in the case. “The appeal is to be heard on March 4,” the bench said. No amount will be forcibly taken if no amount is deposited for the hearing on the appeals. “But the bench also said that” this order will not be taken as precedent. “During the hearing through video conferencing Solicitor General Tushar Mehta said that it has been a pre-condition to submit a fine to allow SEBI’s direction to stay. Mukul Rohatgi, appearing for the promoters, said, “I am not saying that this is a precondition. They will attach our house. “The bench said,” No amount will be forcibly taken from the appellants for hearing the case. This order will not be a precedent. “Earlier, the bench asked NDTV promoters to indicate how much they would like to keep at the current market price as an inheritance with the stock market regulator SEBI under the SAT order. The promoters said that they are willing to give an affidavit that their shares will not be transferred to NDTV. The court took into account Rohgi’s statement that his clients are ready to give a statement about the share and its value. The lawyer said that each share of NDTV is worth Rs 37 and we have 50 lakh shares. He said that he is ready to fill the affidavit. The SAT had asked NDTV promoters to freeze 50 per cent of the wrongly earned profits with SEBI. SEBI has fined both the promoters for concealing information from shareholders in the context of certain loan agreements.

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Source: navbharattimes.indiatimes.com