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.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Insider Trading: SC Stops SEBI’s Regulatory Overreach in Abhijit Rajan Case
Sucheta Dalal, 24 September 2022
In a repeat of the Udayant Malhoutra case, the Supreme Court of India (SC), on 19th September, rejected the market regulator’s interpretation of what constitutes insider trading and acquitted Abhijit Rajan, former chairman of Gammon...
Overseas Investment Rules: Do They Open Floodgates to Money Laundering, Asks EAS Sarma
Moneylife Digital Team 24 September 2022
Expressing concerns over the overseas investment rules issued by the Union ministry of finance, India's former revenue secretary EAS Sarma has urged the ministry to revisit the overseas direct investment (ODI) regime and make sure...
SEBI Puts Fairfax Group-backed Go Digit's IPO in 'Abeyance
Moneylife Digital Team 22 September 2022
Capital markets regulator Securities and Exchange Board of India (SEBI) has kept in 'abeyance' the proposed initial public offering (IPO) sale of Canada-based Fairfax Group-backed Go Digit General Insurance Ltd. However, SEBI has...
Concerns Over Regulatory Vacuum About Surrogate Advertising
Gaurav Saxena (The Leaflet) 22 September 2022
Surrogate advertisements, despite being admonished from time to time and being prohibited, still seem to be aired on the regular. One way out is to provide the ASCI with more power to take action against bad actors. Legal action...
Free Helpline
Legal Credit