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.