NDTV to appeal against Sebi order, says ruling based on inaccurate assessment of facts
Sebi has barred Prannoy Roy and Radhika Roy from the securities market for two years and also directed them to disgorge illegal gains of more than Rs 16.97 crore for indulging in insider trading more than 12 years ago.
New Delhi: NDTV on Saturday said markets regulator Sebi’s order against its founders Prannoy Roy and Radhika Roy is based on an inaccurate assessment of facts and that the company will immediately appeal against it.
Sebi has barred Prannoy Roy and Radhika Roy from the securities market for two years and also directed them to disgorge illegal gains of more than Rs 16.97 crore for indulging in insider trading more than 12 years ago.
In a statement, NDTV said the Sebi order on insider trading is based on an inaccurate assessment of facts and will not withstand scrutiny in appeal. “The appeal will be filed immediately,” it added.
The statement was issued by the lawyers led by Fereshte Sethna, Senior Partner at DMD Advocates, who represent NDTV founders Radhika Roy and Prannoy Roy.
Besides, the watchdog has barred seven individuals and entities for insider trading in the shares of the company for a period varying from one to two years. Also, some of them have been asked to disgorge illegal gains made from trading in the shares when they were in possession of Unpublished Price Sensitive Information (UPSI).
The Sebi order also names and fines three former senior NDTV executives including its former CEO and CFO, the statement said.
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