Litigation News
Penalties on Prannoy Roy, Radhika Roy for concealing price sensitive information from NDTV shareholders excessive: SAT
While stating that the non-disclosure was neither fraudulent nor found to be an unfair trade practice, the SAT reduced the cumulative penalties imposed on the Roys from ₹30 crore to ₹5 crore, 10 lakhs.
The Securities Appellate Tribunal (SAT) held on Wednesday that the penalties imposed by the Securities and Exchange Board of India (SEBI) on Prannoy Roy, Radhika Roy and others for non-disclosure of material information to NDTV shareholders were excessive and not commensurate with the alleged violations [Vishvapradhan Commercial Pvt Ltd v. SEBI].