Lawstreet Journal

SEBI fines NDTV Promoters Prannoy Roy and Radhika Roy with Rs. 27 crores for ‘violating regulatory norms’ [READ ORDER]

Lawstreet Journal 30 Dec 2020 1:04am

Image courtesy: Lawstreet Journal Business SEBI fines NDTV Promoters Prannoy Roy and Radhika Roy with Rs. 27 crores for ‘violating regulatory norms’ [READ ORDER]

The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs. 27 crores penalty on NDTV promoters Prannoy Roy, Radhika Roy and M/s RRPR Holding Pvt. Ltd for indulging in fraudulent and unfair practices relating to securities and failing to comply with various security norms.

The Securities and Exchange Board of India (SEBI) imposed the penalty of 25 crores under section 15HA of Securities and Exchange Board of India Act, 1992 on NDTV promoters Prannoy Roy, Radhika Roy and M/s RRPR  and penalty of Rs.1 crore each upon Prannoy Roy, Radhika Roy under section 23H of The Securities Contracts (Regulation) Act, 1956 .

The penalty was imposed SEBI  on receipt ofa complaint dated August 26, 2017 from Quantum Securities Pvt Ltd relating to the 3 loan agreements signed between Prannoy Roy, Radhika Roy and RRPR Holding Pvt. Ltd as one party and ICICI Bank Ltd as another party and between NDTV promoters and Vishvapradhan Commercial Private Limited (VCPL) as another party.

Accordingly, the SEBI conducted an investigation to ascertain whether there was any violation of the provisions of SEBI Act, 1992 and other regulations related to securities market. 

It was observed that a loan agreement dated July 21, 2009 was entered between VCPL and NDTV promoters wherein VCPL  extended a loan of Rs 350 crore to the promoters, subject to terms and conditions as mentioned in the said agreement. It was alleged that the loan agreement entered by the promoters with VCPL contained certain clauses related to NDTV which prima facie appeared to be material and price sensitive. The said loan agreement allegedly contained various restrictive clauses which were binding on NDTV in… Continue Reading...


Tagged: NDTV  
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