New Delhi Television Limited (NDTV) Founders and Promoters Prannoy Roy and Radhika Roy yesterday challenged the SEBI order dated November 27, 2020, in front of the Securities Appellate Tribunal through an appeal. The SEBI order had found them in violation of insider trading rules during the period December 2007 to April 2008.
“The Promoters of the Company are advised by their lawyers, led by Ms. Fereshte Sethna, Senior Partner at DMD Advocates, that the SEBI order was based on an inaccurate assessment of facts and will not withstand scrutiny in appeal,” the company stated in a BSE filing.
NDTV further stated that it was neither party to the SEBI order or the appeal against it and therefore will not have any kind of financial implications in this case. SEBI had levied a fine of Rs 16,97,38,335 along with interest of 6 percent per annum from April 17, 2008, till the date of actual payment of disgorgement amount along with interest within 4 days from the date of coming into force of the order.