NDTV SEBI fines NDTV promoters Prannoy Roy, Radhika Roy Rs. 27 cr for violating norms
New Delhi/IBNS: Market regulator Securities and Exchange Board (SEBI) has fined New Delhi Television Ltd. (NDTV) promoters Prannoy Roy and Radhika Roy Rs. 27 crore for allegedly violating various security norms, media reports said.
The two are alleged to have been concealing information from various shareholders regarding certain loan agreements.
As per the SEBI, certain loan agreements have adversary effects on the shareholders.
The SEBI said the probe began after NDTV was accused by one of the shareholders, Quantum Securities Pvt Ltd., of violating rules in 2017.
While one loan agreement was with the ICICI, two others were with Vishvapradhan Commercial Pvt. Ltd..
SEBI said the loan agreements comprise certain clauses and conditions that have affected the running of NDTV, which is a leading English news channel.
"I admit this position that NDTV was not a party to these loan agreement, however, contents and clauses of loan agreement clearly demonstrates that the scheme was devised by the noticees in such a way that though NDTV would not be a party to the said loan agreements, yet the loan agreements would contain certain crucial, onerous and hostile stipulations pertaining to NDTV," SEBI Adjudicating Officer Amit Pradhan said as quoted by Business Today.
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