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

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

Earlier the SEBI had sent a show-cause notice to NDTV promoters Prannoy Roy and Radhika Roy in September 2018

In a major jolt to NDTV promoters, Prannoy Roy and Radhika Roy, Securities and Exchange Board of India has barred them from accessing Securities Markets and holding any management position in NDTV for the next 2 years.

SEBI Order

SEBI order

- Ad - - article resumes -

SEBI Order

The investigative agencies are probing NDTV for high-level tax frauds and financial irregularities and promoters Prannoy Roy and Radhika Roy have been under the scanner of multiple agencies for allegedly carrying out nefarious activities.

Earlier, Prannoy Roy and Radhika Roy were served with a show cause notice by the SEBI under the Securities and Exchange Board of India Act, 1992 (“SEBI Act”). According to the information provided to BSE, Prannoy Roy and Radhika Roy, the Promoters of New Delhi Television Limited (NDTV) received the said show cause notice on the 10th of September 2018.

The show cause notice was dated August 31, 2018, and was issued under Sections 11(1), 11(4) and 113 of the SEBI Ac by SEBI, alleging violation of provisions of Section 12A (d) and (e) of SEBI Act read with Regulation 3(i) and Regulation 4 of SEBI (Prohibition of Insider Trading) Regulations, 1992.

The SEBI act in Section 12 A specifically deals with insider trading which is the buying or selling of a security by someone who has access to material nonpublic information about the security. Insider trading can be illegal or legal depending on when the insider makes the trade. It is illegal when the material information is still nonpublic.

Before this, NDTV has had a similar brush with the law when they got a show cause notice from the Income Tax Department. Earlier, the IT Department show cause notice pertained to the IT Department levying a penalty of Rs. 436.80 crores for the assessment year 2009-10. The channel had later approached the Delhi High Court which had refused to intervene in the matter and in turn asked the channel to approach the Commissioner of Income Tax (Appeals).

The Principal Commissioner of Income Tax had refused to stay the demand and instructed the channel to pay 30% of the penalty amount in a staggered manner by 15th June 2018. The said three instalments of this amount had to be paid on 15 April, 15 May and 15 June respectively.

Update: SAT has stayed the SEBI order that barred Prannoy Roy and Radhika Roy from holding any managerial or directorial positions in NDTV.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

BJP leader P K Krishnadas had alleged that the campus was an SFI stronghold and that the principal was denying the ABVP members the right to carry out their organisation's work.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

Proud to be a brand - Made in India?
Now, Advertise on Opindia

Here are 15 famous quotes from Harsha Bhogle during his commentary stint

The famous Indian commentator, Harsha Bhogle, born on July 19 in Hyderabad is celebrating his 58th birthday today.
Couple forced out of village; husband pressurised to accept wife’s religion

Hindu boy’s family forced out of village for marrying Muslim girl, police advices boy to convert as villagers threaten to kill

Newlywed Hindu boy and Muslim girl approach SSP for protection as villagers threaten to kill them and local police ask the boy to convert

Mangaluru villagers caught Mohammad Ansari raping a calf, police arrests villagers for ‘hurting religious beliefs’

In the Kunjathbail village in Mangaluru, Mohammad Ansari was caught red-handed by the villagers while he was raping a calf.

Mangalore: Mohammad Ansari rapes a cow by tying its limbs, villagers catch him in the act, arrested

The villagers also made Ansari touch cow’s feet and ask for forgiveness for raping her. However, when Ansari approached the calf, the animal freaked out and started running.

Revisiting Sainbari, a blot on Indian Democracy: When Communists made a mother eat rice with her dead sons’ blood

The Sainbari incident remains the most horrific instance of political violence in the country.
Delhi Police bust Taliban controlled drug cartel that used jute bags to smuggle heroin worth 5000 crores

Delhi police bust Taliban controlled heroin racket, Afghan-Pakistani cartel worth 5000 crores discovered

Delhi police's special cell has busted a sophisticated Afghan-Pakistani heroin cartel that used heroin-soaked jute bags carrying spices and dry fruits to smuggle the drug into India.

Abusive actor Ajaz Khan arrested by Mumbai Police for instigating violence through social media

Mumbai Police arrests small-time actor Ajaz Khan after he mocked the police on TikTok
Salma Ansari's temple plan receives AMU's objection

AMU administration’s jolt to Mrs Ansari’s secularism pitch, says no to temple plan inside ‘Chacha Nehru Madarsa’

Salma Ansari, the wife of former vice president Hamid Ansari, had announced recently that she will have a temple built inside the 'Chacha Nehru Madarsa' that she runs in AMU campus.

Serial abuser Ajaz Khan, who was arrested for inciting communal tensions, sent to judicial custody for 14 days

Ajaz Khan was arrested by the Mumbai Police Crime Branch for uploading provoking videos promoting enmity between different communities on his social media pages

Netizens ‘express concern’ over Priyanka Chopra’s asthma after a picture where she is smoking cigarette went viral on social media

Twitter users even dug up Chopra's own old tweet condemning smoking where she had claimed she does not smoke. While things could change with time so do personal preferences, the hypocrisy is quite baffling.
Subscribe to Day's Top Stories
- Advertisment -

Latest articles

Connect with us

173,688FansLike
159,664FollowersFollow
74,898SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post