SAT Sets Aside SEBI Findings Of Fraud Against NDTV Promoters; Reduces Penalties Imposed For Non-Disclosure Of Loan Agreement
2 years, 8 months ago

SAT Sets Aside SEBI Findings Of Fraud Against NDTV Promoters; Reduces Penalties Imposed For Non-Disclosure Of Loan Agreement

Live Law  

The Securities Appellate Tribunal at Mumbai has set aside the findings of the Securities and Exchange Board of India which held NDTV promoters Prannoy Roy and Radhika Roy liable for committing fraud on its investors by non-disclosure of a loan agreement with Vishvapradhan Commercial Pvt Ltd. The SAT also reversed the SEBI finding that the the promoters had ceded control to VCPL over NDTV through the loan agreement. The SAT said that SEBI's finding that the loan agreement does not give any discretion to the promoters of NDTV with respect to exercise of their voting rights is "patently misconceived". According to the SEBI, "the loan agreements were unmistakably structured as a scheme to defraud the investors by camouflaging the information about the adversarial terms and conditions impinging upon the interest of NDTV's shareholders, thereby inducing innocent investors to continue to trade in the shares of NDTV oblivious to such adversarial developments in the shareholding of NDTV" Roys argued that the agreements were for taking private loans in exercise of their shareholding rights and that since shareholders rights are personal property, the agreements did not affect NDTV or its operations in any manner.

Fraud Rights Loan Order Promoters Voting Rights Agreement Roy Sebi Icici Sat Ndtv Imposed Loan Agreement Radhika Roy Prannoy Roy Roys Vcpl Rs Rrpr Clause 36 Rrpr Holdings  order  reduces  nondisclosure  agreement  ndtv  penalties  loan  vcpl  rs  rrpr  sets  rights  fraud  sebi  promoters  imposed

History of this topic

SC dismisses Sebi’s ₹25 crore penalty plea against Mukesh Ambani in RPL share manipulation case
4 months, 1 week ago

SC dismisses Sebi’s ₹25 crore penalty plea against Mukesh Ambani in RPL share manipulation case

Live Mint  

The Supreme Court on Monday dismissed a plea by the Securities and Exchange Board of India to impose a ₹25 crore penalty on Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, over alleged share manipulation involving Reliance Petroleum Ltd in November 2007. A two-judge bench of Justices J.B. Pardiwala and R. Mahadevan agreed to hear Sebi's broader case …

SAT Sets Aside SEBI Order Which Held Prannoy Roy & Radhika Roy Liable For Insider Trading In NDTV
1 year, 5 months ago

SAT Sets Aside SEBI Order Which Held Prannoy Roy & Radhika Roy Liable For Insider Trading In NDTV

Live Law  

The Securities Appellate Tribunal on Thursday set aside the order passed by the Securities and Exchange Board of India in November 2020 which held Prannoy Roy and his wife Radhika Roy, the former promoters of NDTV, liable for insider trading.The SEBI order had barred the Roys from buying, selling and dealing in securities directly and indirectly for a period of …

SAT quashes SEBI’s order against Prannoy Roy, Radhika Roy
1 year, 5 months ago

SAT quashes SEBI’s order against Prannoy Roy, Radhika Roy

Live Mint  

Securities Appellate Tribunal quashes SEBI's insider trading order against former NDTV promoters Prannoy Roy & Radhika Roy. The matter pertains to Sebi findings that Prannoy Roy and Radhika Roy indulged in insider trading in the scrip of NDTV between 1 September 2006 and 30 June 2008. By dealing in shares of NDTV while in possession of unpublished price-sensitive information, the …

Supreme Court To Hear SEBI's Challenge Against SAT Order Granting Relief To NDTV Promoters Prannoy Roy & Radhika Roy After Two Weeks
2 years, 4 months ago

Supreme Court To Hear SEBI's Challenge Against SAT Order Granting Relief To NDTV Promoters Prannoy Roy & Radhika Roy After Two Weeks

Live Law  

The Supreme Court on Monday adjourned the hearing of the Securities and Exchange Board of India's challenge against the Securities Appellate Tribunal's order that reduced penalties imposed on NDTV promoters Prannoy Roy, Radhika Roy for allegedly concealing price sensitive information from shareholders. On July 20, the SAT at Mumbai had set aside the findings of the SEBI which held the …

Sebi sees no bar in transfer of NDTV shares to Adani
2 years, 6 months ago

Sebi sees no bar in transfer of NDTV shares to Adani

Live Mint  

MUMBAI : The Securities and Exchange Board of India has in internal consultations concluded that there is no bar on RRPR Holding Ltd, a promoter entity of news broadcaster New Delhi Television Ltd, from allotting shares to Adani Group, three people with direct knowledge of the regulator’s thinking said. “An internal note has been put by the corporate finance department …

NDTV: the hostile takeover
2 years, 6 months ago

NDTV: the hostile takeover

The Hindu  

The Adani Group’s potential hostile takeover bid of NDTV brings home the dangers of over-borrowing, the growing clout of large corporates in the media business and the need for media companies to focus on subscription revenues. Hence, the agreements between RRPR and VCPL included convertible warrants, call options on NDTV shares issued to VCPL’s associates and protective rights such as …

Adani Enterprises Says Sebi Approval Not Needed For Buying NDTV Shares
2 years, 6 months ago

Adani Enterprises Says Sebi Approval Not Needed For Buying NDTV Shares

ABP News  

Gautam Adani-led Adani Enterprises on Friday in a regulatory filing to the stock exchange said that Vishvapradhan Commercial Private Limited does not agree with RRPR Holdings, promoter group vehicle of New Delhi Television, that prior written approval from the Sebi is required for allotment of shares to VCPL on exercise of warrants. According to an official release by Adani Enterprises, …

Sebi approval 'necessary' for Adani group to acquire NDTV promoters' stake in holding firm RRPR: Filing
2 years, 6 months ago

Sebi approval 'necessary' for Adani group to acquire NDTV promoters' stake in holding firm RRPR: Filing

Firstpost  

In November 2020, Sebi restrained NDTV’s founder-promoters Prannoy and Radhika Roy from accessing the securities market, and further prohibiting buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market for a period of two years New Delhi: Approval from market regulator Sebi is “necessary” for Adani group firm Vishvapradhan Commercial Private Ltd to …

Adani Group Requires Sebi Approval To Buy 99.5 Per Cent Interests In Promoter Group: NDTV
2 years, 6 months ago

Adani Group Requires Sebi Approval To Buy 99.5 Per Cent Interests In Promoter Group: NDTV

ABP News  

New Delhi Television said on Thursday Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks Ltd and Adani Enterprises Ltd will need approval from the Securities and Exchange Board of India to acquire 99.5 per cent interests in its promoter group, according to the stock exchnage filing by the media house. In a disclosure to bourses, NDTV stated that this …

NDTV promoters say Sebi nod required for Adani to acquire shares
2 years, 6 months ago

NDTV promoters say Sebi nod required for Adani to acquire shares

Live Mint  

NDTV on Thursday argued that its promoters cannot yet transfer shares in the television channel’s parent entity to Adani Group firms, citing a November 2020 ruling by the markets regulator which barred them from accessing capital markets for two years in a case of insider trading. Adani Group firms would need to secure the Securities and Exchange Board of India's …

Adani stake in NDTV | Promoters cite SEBI ban on dealing in shares
2 years, 6 months ago

Adani stake in NDTV | Promoters cite SEBI ban on dealing in shares

The Hindu  

In the face of a takeover bid from the Adani group’s media subsidiary, NDTV promoters Prannoy Roy and Radhika Roy indicated on Thursday that an immediate transfer of their shares held through promoter holding firm RRPRH is not possible as they are currently barred by stock market watchdog SEBI from dealing in shares directly or indirectly. The NDTV promoters’ statement, …

In Adani's NDTV bid hangs a cautionary tale
2 years, 6 months ago

In Adani's NDTV bid hangs a cautionary tale

Live Mint  

This is the practice of getting loans by pledging shares and is as old as trading in Indian markets. Pledge agreements come with the right to sell shares, convert warrants into equity, and take ownership of shares if loans remain unpaid. Centre mulls cutting tax rates in new income tax regime Why rising interest rates don't make FDs attractive How …

Control Of NDTV Not Transferred To VCPL Via Loan Agreement, Says SAT
2 years, 6 months ago

Control Of NDTV Not Transferred To VCPL Via Loan Agreement, Says SAT

ABP News  

A Securities and Appelate Tribunal order of July 20, 2022 assumes significance against the backdrop of an attempted takeover of NDTV by Adani Media Works. The SAT has held that the loan agreement executed by the NDTV promoters with VCPL did not transfer control of NDTV to VCPL either directly or indirectly and, therefore, the findings given by the AO …

Adani acquisition of NDTV: As Kapil Sibal expresses concern, here's how NDTV got its money earlier
2 years, 6 months ago

Adani acquisition of NDTV: As Kapil Sibal expresses concern, here's how NDTV got its money earlier

Op India  

Senior Congress leader Kapil Sibal whose attempt to establish an ‘independent’ news channel with Tiranga TV failed miserably, recently raised apprehensions over the ‘independence’ of NDTV after Adani Group’s media arm announced it is purchasing a 29.18 per cent stake in the media group. Adani Group to acquire a 29.18 per cent stake in NDTV, launches an open offer to …

SC orders gives special relief to NDTV promoters in insider trading case: Details
4 years, 1 month ago

SC orders gives special relief to NDTV promoters in insider trading case: Details

Op India  

On Monday, the Supreme Court of India directed the Securities and Exchange Board of India to not take any ‘coercive action’ against promoters of NDTV, Prannoy Roy and Radhika Roy in the insider trading case. We have no other money, claims advocate representing Prannoy Roy During the last hearing of the case on January 28, senior advocate Mukul Rohatgi said …

Prannoy Roy, Radhika Roy offer NDTV shares as security for SEBI penalty
4 years, 1 month ago

Prannoy Roy, Radhika Roy offer NDTV shares as security for SEBI penalty

Op India  

After NDTV promoters Prannoy Roy and Radhika Roy were ordered to pay penalty by Securities Appellate Tribunal for wrongful gains they made in insider trading, they have offered their shares in NDTV as security for the penalty. When the supreme court asked the value of the shares being offered as security, the advocate of the petitioners said it was more …

NDTV founders directed to deposit 50% of disgorged amount in 4 weeks
4 years, 2 months ago

NDTV founders directed to deposit 50% of disgorged amount in 4 weeks

Op India  

The trouble for NDTV founders Prannoy Roy and his wife, Radhika Roy, is only increasing with every passing day. In a new development, the Securities Appellate Tribunal has directed the two to deposit 50 per cent of the disgorged amount, earned fraudulently through insider trading of NDTV shares, before market regulator SEBI within four weeks. SEBI forbids Prannoy Roy and …

Appeal Against SEBI Order- NDTV Promoters To Deposit 50% Of The Amount To SEBI Within 4 Weeks: Securities Appellate Tribunal
4 years, 2 months ago

Appeal Against SEBI Order- NDTV Promoters To Deposit 50% Of The Amount To SEBI Within 4 Weeks: Securities Appellate Tribunal

Live Law  

A bench of the Securities Appellate Tribunal, Mumbai comprising of Justice Tarun Agarwala, Dr. CKG Nair and Justice MT Joshi in two similar orders directed the two NDTV promoters, Prannoy Roy and Radhika Roy to deposit 50% of the disgorged amount before the Securities Exchange Board of India within four weeks. The SAT was hearing two appeals preferred by the …

SEBI fines NDTV Rs 25 crores in ICICI loan case: Details
4 years, 2 months ago

SEBI fines NDTV Rs 25 crores in ICICI loan case: Details

Op India  

Markets regulator Securities and Exchange Board of India on Thursday imposed a penalty of Rs 25 crore on controversial news outlet NDTV and Rs 1 crore each on its promoters. SEBI has imposed fines on NDTV and its promoters Prannoy Roy and Radhika Roy for “violating various securities” norms by hiding information from shareholders regarding certain loan agreements. One loan …

Bombay HC Dismisses Challenge By NDTV Promoters Prannoy Roy & Radhika Roy Against SEBI Notices
5 years, 2 months ago

Bombay HC Dismisses Challenge By NDTV Promoters Prannoy Roy & Radhika Roy Against SEBI Notices

Live Law  

The Bombay High Court on Monday dismissed a writ petition filed by Prannoy Roy and Radhika Roy, promoters of New Delhi Television challenging a show-cause notice issued by Securities and Exchange Board of India for alleged violation of Sections 12 a and 12 a of Securities and Exchange Board of India Act read with Prohibition of Insider Trading Regulations, 1992. …

SAT upholds SEBI penalty of ₹2.10 crore on NDTV, ₹3 lakhs each on 3 directors for not disclosing tax demand on time
5 years, 7 months ago

SAT upholds SEBI penalty of ₹2.10 crore on NDTV, ₹3 lakhs each on 3 directors for not disclosing tax demand on time

Op India  

The Securities Appellate Tribunal has upheld two orders of SEBI imposing a penalty of ₹2 crore on NDTV and ₹20 lakh on the company and the directors of the company. Of this, ₹25 lakh was imposed for failing to furnish information on time, and ₹1.75 crore fine was imposed for failing to comply with listing conditions In 2018, SEBI had …

NDTV to file appeal against SEBI order imposing a penalty of Rs 12 lakh for delayed disclosures
5 years, 9 months ago

NDTV to file appeal against SEBI order imposing a penalty of Rs 12 lakh for delayed disclosures

Op India  

Media house New Delhi Television Ltd has decided to file an appeal against the Securities and Exchange Board of India order imposing a penalty of Rs 12 lakh on the media group for failing to make timely disclosures to the stock exchanges. The order imposing the penalty was issued by the SEBI after it noticed multiple disclosure lapses by NDTV …

NDTV to file appeal against Sebi order imposing Rs 12 lakh fine for disclosure lapses
5 years, 9 months ago

NDTV to file appeal against Sebi order imposing Rs 12 lakh fine for disclosure lapses

India TV News  

News broadcaster New Delhi Television Ltd on Wednesday said it will file an appeal against Sebi's decision to impose a penalty of Rs 12 lakh on the company for failing to make timely disclosures to the stock exchanges. The capital markets regulator noted that Indiabulls Financial Services in January 2008 acquired 40 lakh shares of NDTV, amounting to 6.40 per …

SAT stays SEBI's order barring NDTV promoters from key posts
5 years, 9 months ago

SAT stays SEBI's order barring NDTV promoters from key posts

India TV News  

The Securities Appellate Tribunal on Tuesday stayed the SEBI's order barring news channel NDTV's promoters - Prannoy Roy and Radhika Roy - from holding any key managerial positions in the board or the management of NDTV. If such an application is made, the SEBI will provide a certified copy of the impugned order within five working days," the tribunal added. …

After barring NDTV from accessing capital markets, SEBI imposes penalty of Rs 12 lakh for non-disclosure of information
5 years, 9 months ago

After barring NDTV from accessing capital markets, SEBI imposes penalty of Rs 12 lakh for non-disclosure of information

Op India  

In yet another setback for controversial media group NDTV, SEBI has imposed a penalty of Rs. SEBI examined that Indiabulls Financial Services in January 2008 had acquired 40 lakh shares of NDTV, amounting to 6.40 per cent of the total share capital of the firm. Earlier this week, the SEBI had barred NDTV’s key promoters – Prannoy Roy, Radhika Roy …

SAT stays Sebi ban on NDTV promoters Prannoy and Radhika Roy; next hearing on 16 September
5 years, 9 months ago

SAT stays Sebi ban on NDTV promoters Prannoy and Radhika Roy; next hearing on 16 September

Firstpost  

Sebi had said the Roys had kept minority shareholders in the dark about loan agreements that they had entered. Mumbai: NDTV promoters Radhika and Prannoy Roy Tuesday secured an interim stay from the Securities Appellate Tribunal against the Sebi order that banned them and the holding company of the news channel from the securities market for two years. Coming down …

Sebi imposes Rs 12 lakh fine on NDTV for disclosure lapses
5 years, 9 months ago

Sebi imposes Rs 12 lakh fine on NDTV for disclosure lapses

India TV News  

Markets regulator Sebi has imposed a penalty of Rs 12 lakh on New Delhi Television Ltd for failing to make timely disclosures to the stock exchanges. Sebi noted that Indiabulls Financial Services in January 2008 acquired 40 lakh shares of NDTV, amounting to 6.40 per cent of the total share capital of the firm. Further, the promoters of NDTV acquired …

NDTV says SEBI order asking Prannoy and Radhika Roy to step down as directors 'bad in law'; duo to challenge market regulator in court
5 years, 9 months ago

NDTV says SEBI order asking Prannoy and Radhika Roy to step down as directors 'bad in law'; duo to challenge market regulator in court

Firstpost  

The Roy couple has also been barred from holding a board or key managerial position at any other listed company for one year, SEBI said while coming down heavily on them and RRPR Holdings Pvt Ltd for what it termed as violation of various regulations by keeping minority shareholders in the dark about three loan agreements. One such loan agreement …

Sebi bars NDTV promoters Prannoy Roy, Radhika Roy from capital markets for 2 years
5 years, 9 months ago

Sebi bars NDTV promoters Prannoy Roy, Radhika Roy from capital markets for 2 years

India TV News  

Regulator Sebi on Friday barred NDTV Ltd's three key promoters -- Prannoy Roy, Radhika Roy and their holding firm -- from the capital markets for two years and also restrained the two individuals from holding any board or top management role at the company in this period. The Roy couple has also been barred from holding a board or key …

SEBI bars NDTV promoters Prannoy Roy and Radhika Roy from accessing Securities Markets and holding management positions for 2 years
5 years, 9 months ago

SEBI bars NDTV promoters Prannoy Roy and Radhika Roy from accessing Securities Markets and holding management positions for 2 years

Op India  

The show cause notice was dated August 31, 2018, and was issued under Sections 11, 11 and 113 of the SEBI Ac by SEBI, alleging violation of provisions of Section 12A and of SEBI Act read with Regulation 3 and Regulation 4 of SEBI Regulations, 1992. The SEBI act in Section 12 A specifically deals with insider trading which is …

NDTV's Prannoy and Radhika Roy receive show cause notice from SEBI for alleged violation for insider trading regulations
6 years, 6 months ago

NDTV's Prannoy and Radhika Roy receive show cause notice from SEBI for alleged violation for insider trading regulations

Firstpost  

New Delhi: Media firm NDTV’s promoters Prannoy Roy and Radhika Roy have received a show cause notice from the capital markets regulator SEBI for alleged violation for insider trading regulations. “Prannoy Roy and Radhika Roy, the promoters of New Delhi Television Ltd …, have informed the company that on 10 September, 2018, they have received a show cause notice dated …

SEBI orders open offer for Prannoy Roy’s NDTV, says loan from VPCL violated takeover norms
6 years, 8 months ago

SEBI orders open offer for Prannoy Roy’s NDTV, says loan from VPCL violated takeover norms

Op India  

The Securities and Exchange Board of India has ordered Delhi based Vishvapradhan Commercials Pvt Ltd to make an open offer for NDTV Ltd to acquire 52% stake in the Prannoy and Radhika Roy owned media house. According to reports, Vishvapradhan Commercials had indirectly acquired 52% shares in NDTV in 2009 through a convertible loan of Rs 350 crores sourced from …

NDTV in the dock : SEBI imposes fine on the channel and its executives for disclosure lapses
7 years ago

NDTV in the dock : SEBI imposes fine on the channel and its executives for disclosure lapses

Op India  

Market regulator SEBI has imposed a penalty of Rs. This order is preceded by a probe by SEBI into the alleged delay in disclosure of income tax demand of about Rs. The SEBI said there were allegations against K V L Narayan Rao, NDTV’s Executive Chairman, but proceedings against him were dropped after his death last year. The investigation by …

BSE seeks clarification from NDTV on Rs. 350 crore ICICI loan
7 years, 6 months ago

BSE seeks clarification from NDTV on Rs. 350 crore ICICI loan

Op India  

Woes don’t seem to be ending for the news channel NDTV anytime soon. 350 crore ICICI loan to news channel NDTV promoters allowed prepayment without penalty alleging that the reset of rate of interest to less than 10% from 19% which caused a loss of Rs. RRPR borrowed Rs 501 crore from India Bulls Ltd. To repay part of the …

NDTV: The fraud we know so far
7 years, 9 months ago

NDTV: The fraud we know so far

Op India  

New Delhi Television Limited, its lobbyists and apologists call the Central Bureau of Investigation raid on the residence of Mr and Mrs Prannoy Roy a “blatant political attack on freedom of press.” But as skeletons tumble out of the closets, it has come to the light that NDTV has committed an unending fraud and the CBI is finally doing its …

NDTV shares shed 7%; hit one-year low on CBI searches
7 years, 9 months ago

NDTV shares shed 7%; hit one-year low on CBI searches

Firstpost  

The agency has registered a case against Roy, wife Radhika and RRPR Holdings for allegedly causing losses of Rs 48 crore to ICICI Bank, CBI sources said. New Delhi: Shares of NDTV today slumped nearly 7 per cent after the CBI searched the residence of its founder Prannoy Roy here and three other locations for allegedly causing losses to a …

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