Sebi bars Prannoy and Radhika Roy from securities market, managerial posts English News, Hindi News, Latest News, Breaking News

Sebi bars Prannoy and Radhika Roy from securities market, managerial posts

[Edited By: Gaurav]

Saturday, 15th June , 2019 05:24 pm

The Securities and Exchange Board of India (Sebi) on Friday debarred New Delhi Television (NDTV) promoters Prannoy Roy and Radhika Roy and their holding firm RRPR Holdings from trading in the securities markets for two years, and the Roys from holding any key managerial position in NDTV for the same period.

Sebi also banned them from taking any a position in any listed entity.

In its 51-page order, the markets regulator said all the three key promoters did insider trading by concealing price-sensitive information about three loan agreements, did not make the necessary disclosures to the stock exchanges, and kept the minority shareholders in the dark.

“Any fraudulent act directly designed to defraud such investors cannot be treated as good for the securities market and for the interest of investors. Such acts, if not dealt with adequately and sternly, will send a wrong signal to the violators having same or similar propensity and will not be good for the securities market,” Sebi Whole-time Member S K Mohanty said in the order.

“I find that the ……. Noticee No.1, Noticee No.2 and Noticee No.3 …. are grossly in violation of the provision of PFUTP Regulations,” he said.

The regulator alleged the Roys violated NDTV’s Code of Conduct. NDTV in a statement said Radhika and Prannoy Roy, the promoters of NDTV, believed the Sebi order asking them to step down as director and not hold any management positions in NDTV was based on an incorrect assessment of the situation and a “highly unusual and perverse directive”.

They will take legal action in a few days.

According to Sebi, “all three notices” entered into three loan agreements, one with ICICI Bank and two with Vishvapradhan Commercial Private Ltd (VCPL), which contained material and price-sensitive information. It was alleged that many actions and decisions on important matters pertaining to NDTV were made without the knowledge of the minority shareholders.

Trending News

32,249,900

363,849

31,441,260

432,112

Sebi bars Prannoy and Radhika Roy from securities market, managerial posts

Related News -

Latest News

World News