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SAT stays SEBI’s order debarring NDTV directors from holding key posts; schedules next hearing on Sept. 16, 2019

June 19, 2019[2019] 106 233 (SAT - Mumbai)

SEBI : Where SEBI by impugned order New Delhi Television Ltd., In re [2019] 106 187 (SEBI) restrained appellants i.e. Dr. Prannoy Roy and Radhika Roy from holding or occupying position as Director or any Key Managerial personnel in NDTV for contravention of regulations 3 and 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, it was held that listed company which was managed by appellants holding more than 61 per cent of total shares could not remain headless and order of restrain prima facie would not be in interest of shareholders of NDTV for that matter investors and, therefore, order of SEBI was to be stayed

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