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Mumbai8 hours ago
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The last hearing on the case was held on January 28. Then NDTV lawyer Mukul Rohatgi told the court that the promoters were willing to offer their shares in NDTV to pay a penalty on the insider trading case by SEBI. – File photo
The Supreme Court granted relief to NDTV promoters Prannoy Roy and Radhika Roy in the insider trading case. The court, while hearing the case on Monday, asked the Securities Appellate Tribunal (SAT) not to deposit Prannoy Roy or NDTV with 50% of the fine for the hearing. The case was heard by a bench headed by Chief Justice SA Bobde.
There will be no strictness with the promoter
The Chief Justice said that no amount will be recovered in a strict manner from Prannoy Roy and Radhika Roy for the hearing. Justices AS Bopanna and Justice V Ramasubramaniam were also present in the hearing which was conducted through video conferencing. NDTV had earlier filed a petition against SAT’s Tea Order on January 4, under which it had asked the promoter to deposit 50% of the amount wrongly earned.
SAT asked to deposit 50% of the earnings
Promoters were also shocked by the set. Because the set asked them to deposit 50% of the amount of profit. The promoter then approached the Supreme Court against the order of the set. The court heard the matter on Monday. The next hearing on the case will be on 4 March.
Company promoter accused of wrongful earning
Actually, Prannoy Roy and Radhika Roy are accused of unfairly earning Rs 16.97 crore by selling shares. According to Sebi, they sold the shares on 17 April 2008, which is a case of insider trading. 12 years later, in November 2020, Sebi passed an order in which it ordered the refund of the amount of profit. The NDTV promoter appealed against this in the set.
The last hearing on the case was held on January 28. Then NDTV lawyer Mukul Rohatgi told the court that the promoters were willing to offer their shares in NDTV to pay a penalty on the insider trading case by SEBI. He had told that Roy has around 50 lakh shares, which is trading at Rs 37 per share. In this sense, the share price is more than the penalty amount.