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The securities appellate tribunal (SAT) on Thursday quashed the insider trading order issued by Securities and Exchange Board of India (SEBI) against New Delhi Television Ltd (NDTV) s former promoters Dr Prannoy Roy and Radhika Roy. In November 2020, SEBI had asked the Roys to disgorge Rs16.97 crore, the money earned through insider trades while barring NDTV and the company s key executives from the securities market. ....
0 The Securities Appellate Tribunal (SAT) while directing Securities and Exchange Board of India (SEBI) to file a reply, has asked New Delhi Television Ltd (NDTV) promoters Dr Prannoy Roy and Radhika Roy to deposit 50% of the disgorged amount with SEBI in four weeks. In November 2020, SK Mohanty, whole-time member (WTM) of SEBI has asked Dr Roy and his wife Radhika to jointly or severally, disgorge the amount of wrongful gain of Rs16.97 crore along with an interest, made for a transaction in December 2007 and April 2008.
Both Dr Roy and Ms Roy approached SAT against the SEBI order. One of the contentions which arise for the SAT bench comprising justice Tarun Agarwala, Dr CKG Nair and justice MT Joshi for consideration was whether there has been an undue delay in the initiating proceedings when transactions were made on the stock exchange platform. ....