The Securities Exchange Board of India ( SEBI ) has barred Prannoy Roy and his wife Radhika Roy from holding any directorship in New Delhi Television Ltd. (NDTV) for a period of two years.
The SEBI also restrained Prannoy and Radhika from occupying the position as any Key Managerial personnel in any other listed company for a period of one (1) year.
The order is passed in a 2017 case filed by Quantum Securities Ltd, an NDTV shareholder, alleging that RRPR Holdings, Prannoy Roy and Radhika Roy didn’t disclose information about loan agreements entered into by them with Vishvapradhan Commercial Private Ltd (VCPL) and ICICI.
The S.K Mohanty observed that, “the Noticee no. 2 (Mr Roy) and 3 (Ms Roy) had this avowed duty to act in a fair and transparent manner to protect the interest of their minority shareholders and not to indulge in any fraudulent activity or any activity detrimental to the interest of the shareholders of NDTV”.
“However, contrary to the same, in the present case, the Noticees i.e. the promoters and directors of NDTV have been found to have indulged in fraudulent acts wherein they have bartered away the interests of NDTV...,” it added.
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