SEBI exposes Prannoy Roy and wife Radhika Roy by filing an affidavit before the SC
The Securities and Exchange Board of India (SEBI) exposes NDTV promoters Prannoy Roy and wife Radhika Roy by filing an affidavit before the Supreme Court. In an 11-page affidavit, the SEBI objected to Prannoy Roy and wife’s offer to pledge shares of NDTV as a deposit of Rs.8.6 crores value before the Security Appellate Tribunal (SAT) to challenge the SEBI’s fine for manipulating stock exchange. SEBI pointed out that Prannoy Roy and wife were hiding facts before the apex court. The market regulator pointed out that the promoters can’t pledge the shares of NDTV as it is already encumbered and that the actual fine of SEBI comes around Rs.30 crores and the deposit to appeal should be Rs.15 crores.
PGurus in a detailed article explained how Prannoy Roy and wife are hoodwinking the Supreme Court. The detailed article of falsehoods of the husband-wife team presented before the Supreme Court can be read here[1]. Seeing SEBI’s objection, Roys told the apex court they need more time to reply on the offer of pledging NDTV shares and the case was posted to February 5.
SEBI in its affidavit pointed out that the fine was Rs.16.9 crores with six per cent interest from 2009 and the actual fine is around Rs.30 crores and the deposit to appeal in SAT should be Rs.15 crores. The market regulator pointed out that 50% is the deposit for appealing and this is a normal rule for appealing in SAT. Exposing Prannoy Roy, the SEBI said that NDTV shares can’t be pledged as deposit as the NDTV shares held by the husband and wife are already encumbered and not freehold. Citing many orders, the SEBI said NDTV shares of the promoters are not free from encumbrances and they can’t offer the shares for pledging. SEBI also pointed out that in appeal cases, the deposit is by paying money only and not pledging shares of the company citing many judgments.
References:
[1] How can Prannoy Roy, wife offer to pledge NDTV shares to Supreme Court when they are with VCPL, Income Tax attachment disputes etc? Are they trying to hookwind the SC? – Jan 29, 2021, PGurus.com
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