Breaking News Supreme Court sustains earlier order on Prannoy Roy, Radhika...

Supreme Court sustains earlier order on Prannoy Roy, Radhika Roy, no coercive action

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New Delhi, Sept 3 (ILNS) The Supreme Court today sustained its earlier order, holding that no coercive action shall be taken against Prannoy and Radhika Roy, promoters of NDTV. 

Senior Advocate Mukul Rohatgi appearing for Prannoy Roy and Radhika Roy, started making submission that penalty proceedings were initiated, to which Solicitor General Tushar Mehta submitted that penalty proceedings are different. “Let me show two provisions, this case involves the question of Law,” said Mehta.

Chief Justice N.V. Ramana said time will be accorded to the Solicitor General for arguments, meanwhile file counter-affidavit.

The three-judge bench of CJI N.V. Ramana, Justice Surya Kant and Justice A.S. Bopanna heard pleas filed by Prannoy and Radhika Roy, who are under the scanner for insider trading, challenging the order of the Securities and Exchange Board of India (SEBI).

The Supreme Court vide order dated July 26, 2021 directed that no amount shall be recovered coercively from the appellants in the absence of any deposit and also specifically mentioned that this order shall not be treated as a precedent in any other case.

The Court had previously asked SEBI not to take coercive steps against them.

The promoters of NDTV had filed an appeal against an interim order of the Securities Appellate Tribunal on January 4, 2021, directing the channel to deposit 50 percent of the fine imposed by SEBI earlier.

Earlier, the Supreme Court had stayed the recovery of penalty of Rs 27 crore imposed by SEBI on NDTV promoters Prannoy Roy and Radhika Roy, as well as their holding company RRPR Holding Pvt Ltd, for allegedly violating various securities norms by concealing information from shareholders regarding certain loan agreements.

On February 15, 2021, the SAT had directed the NDTV promoters to deposit 50% of the disgorged amount before SEBI. The Tribunal also mentioned that if the Roys deposit 50% of the amount minus interest within four weeks, the balance amount should not be recovered during the pendency of the appeal. SEBI has imposed a fine of Rs 25 crore on the Roys and RRPR Holding, which needed to be paid jointly and severally for allegedly violating various securities norms by concealing information from shareholders regarding certain loan agreements. Besides, a penalty of Rs 1 crore was levied on Prannoy Roy and Radhika Roy each./ILNS/SNG

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