Breaking: SEBI Bars NDTV Promoters from Holding Office or Accessing the Securities Market for two years
An order by the Securities & Exchange Board of India (SEBI) today could see major changes in the management structure of NDTV Ltd. The market regulator, acting on a complaint filed by Quantum Securities Pvt Ltd., in 2016-17 has acted against NDTV’s famous promoters  Prannoy Roy and Radhika Roy as well as their investment company RRPR Holding Pvt Ltd.,
 
The detailed order ends with the following directions:
i. RRPR Holdings Pvt. Ltd., Prannoy Roy and Radhika Roy are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly buying, selling or otherwise dealing in securities, directly  indirectly,  or  being  associated  with  the  securities  market  in  any  manner, whatsoever, for a period  of two years. It is also clarified that during the said period  of  restraint/prohibition,  the  existing  holding,  including  units  of  mutual shall remain frozen. Prannoy and Radhika Roy are also restrained from holding or occupying position as director or any key managerial personnel in NDTV for two years, or any other listed company for a period of one year.
 
The detailed order can be accessed here:
 
It is likely that NDTV’s promoters will contest the order. Moneylife has written about this case in 2013 when Sanjay Dutt of Quantam Securities first made the allegations against NDTV (Allegations of NDTV’s Many Shenanigans). In in 2015, we asked Who Really Owns NDTV? 
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    COMMENTS

    Aditya G

    2 years ago

    Why would they contest it? Consent order mechanism is there, no? It's the easiest way out. Just pay and wipe the slate clean.

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