NDTV Promoters Approach SC against SAT's Rs5 Crore Penalty
IANS 22 September 2022
The two promoters of New Delhi Television Ltd (NDTV)—Prannoy Roy and Radhika Roy and their investment vehicle RRPR Holding Private Ltd—have approached the Supreme Court (SC) against the securities appellate tribunal (SAT).
In a regulatory filing by NDTV, the promoters had informed the exchange of filing a civil appeal in the Supreme Court against SAT's 20 July 2022 order to pay Rs5 crore penalty for non-disclosure of loan agreements entered by them.
SAT had reduced the penalty from Rs25 crore to Rs5 crore for alleged violation of clause 49(1)(D) of the Equity Listing Agreement read with Section 21 of the Securities Contracts (Regulations) Act, 1956.
According to IIFL Wealth Hurun India Rich List, Prannoy Roy and his wife Radhika Roy has entered the India's rich list (681 rank) with a combined wealth of Rs2,000 crore after Adani Group companies acquired stake in NDTV and announced an open offer for 26% stake.
The NDTV is under an hostile takeover postion by takeover tycoon Gautam Adani's Adani group.
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