Thread by @barandbench

#SupremeCourt to shortly hear a plea by NDTV promoters, Prannoy Roy and Radhika Roy against Securities and Exchange Board of India (SEBI) order of penalty of Rs. 27 crore for failing to disclose price sensitive information to the shareholders of NDTV
@PrannoyRoyNDTV @SEBI_India

SEBI had held that the ICICI loan agreement and the two VCPL loan agreements contained clauses and conditions that substantially affected the functioning of NDTV.
@ndtv
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Additionally, it noted that the VPCL loan agreements also warranted transfer of shares of NDTV by the promoters which was carried out off-market by way of various inter se bulk transactions.
@SEBI_India
@ndtv

Bench to commence hearing.

Senior Adv Mukul Rohatgi appears for the NDTV promoters

@PrannoyRoyNDTV
#SupremeCourt
@SEBI_India

Rohatgi: Petitioners are husband and wife. They are promoters of a channel. Show cause notice was issued 10 years after a transaction. It was issued in 2018 which us hopelessly barred by time. They owned 100 percent shares of NDTV , that was disinvested

CJI: How much security are you willing to give?

Rohatgi: I have no security or money, I cannot hand over shares without leave of Tribunal. We will argue the appeal its a matter of 10 days

CJI: tribunal may not hear you after 10 days if you don't give security. You give some security. Can you give some guarantee

Rohatgi: I can give guarantee of shares. We are struggling news channel we don't have any other resources

CJI: we understand the predicament

CJI: what is the value of shares of NDTV @ndtv

Adc Fereshte D Sethna: This morning shares was trading at 37.35 on NSE and 37.25 on BSE. We can provide 50 lakh shares. Total would be around 18 crores. Amount directed to be deposited is 27 crores

CJI: shri Rohatgi is willing to provide a statement of shares they are willing to provide as security in view of deposits ordered by the tribunal. Please give the value also. When can you file

Rohatgi: We can file by tomorrow

CJI: serve a copy to the other side.

Rohatgi: we will

Matter adjourned to Monday

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[NDTV Promoters v. SEBI] "We are a struggling news channel:" NDTV promoters tell Supreme Court; Agree to furnish shares as security

@ndtv @PrannoyRoyNDTV @SEBI_India #SupremeCourt #NDTV

Read More: barandbench.com/news/ndtv-sebi…