We are a struggling news channel: NDTV promoters tells SC
"We are struggling news channel" -- That's the contention that NDTV promoters Prannoy Roy and Radhika Roy put before the Supreme Court during the hearing on an appeal against an interim order passed by the Securities Appellate Tribunal.
Follow"We are a struggling news channel" -- That's the contention that NDTV promoters Prannoy Roy and Radhika Roy put before the Supreme Court during the hearing on an appeal against an interim order passed by the Securities Appellate Tribunal.
The SAT had on January 4, 2021, ordered NDTV to deposit 50 per cent of the fine imposed earlier by the Securities and Exchange Board of India for failing to disclose price-sensitive information to the shareholders of NDTV.
Senior Counsel Mukul Rohtagi, who was representing the NDTV promoters, said that the Roys will give a statement of shares that they are willing to furnish as security in the case.
To a query by Chief Justice SA Bobde on how much security the promoters intended to furnish, Rohatgi said that he can give an undertaking that the Roys will not transfer any portion of their shareholding in NDTV without the permission of the tribunal.Â
Rohatgi said, "I have no other money. I have no other resources. This security, in terms of my shares and their value on the stock exchange, is much more than the amount of money in question."
The Roys' counsel stated that they have some 50 lakh shares and that the value of each share was Rs 37.
The court then asked the Prannoy Roy and Radhika Roy to apprise it of the shares they hold in the company and their value by Friday.
To recall, SEBI had in November last year barred the Roys from the securities market for two years and also directed them to disgorge illegal gains of Rs 16.97 crore for indulging in insider trading more than 12 years ago.
