The Securities Exchange Board of India on Thursday fined NDTV promoters Prannoy Roy, Radhika Roy and RRPR Holdings Rs 27 crore for allegedl...
The Securities Exchange Board of India on Thursday fined NDTV promoters Prannoy Roy, Radhika Roy and RRPR Holdings Rs 27 crore for allegedly concealing information from shareholders about certain loan agreements, PTI reported.
The markets regulator said certain agreement clauses have had adversarial effect on the NDTV shareholders. “I am of the firm opinion that, any fraudulent act directly designed to defraud the investors of the company cannot be treated as good for the securities market and for the interest of investors,” SEBI Adjudicating Officer Amit Pradhan said in an order. “The law does not permit any allowance to be made for such fraudulent act as found in the case. No lenient view should be taken in this matter and the case deserves imposition of deterrent monetary penalty...”
SEBI said its investigation in the case began in 2017 after receiving complaints from Quantum Securities Private Limited – a shareholder of NDTV – about alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with Vishvapradhan Commercial Private Limited.
The loan agreements were structured in such a manner that clauses on various matters pertaining to NDTV, which were material and price sensitive information, were concealed from the minority shareholders, the regulator said...
