Sunday, August 14, 2022

ਵਾਹਿਗੁਰੂ

spot_img





Prannoy Roy, Radhika Roy barred from holding any key position in NDTV

Mumbai, June 14, 2019-

Securities market regulator SEBI on Friday debarred NDTV’s promoters Prannoy Roy and Radhika Roy from holding any key managerial positions in the Board or the management of the news channel company for being “involved in fraudulent acts”.

Additionally, along with RRPR Holdings, they have been debarred from accessing the stock markets or selling their holdings in the news channel. The Roys were also found to be in violation of NDTV’s code of conduct, SEBI said in an order.

The order comes after SEBI carried out an investigation into allegations against the Roys and RRPR Holdings for not disclosing material information to the shareholders of NDTV about loan agreements entered into by them with Vishva Pradhan Commercial Private Limited.

“Under the circumstances, the Noticee no. 2 (Prannoy) and 3 (Radhika) had this avowed duty to act in a fair and transparent manner to protect the interest of their minority shareholders and not to indulge in any fraudulent activity or any activity detrimental to the interest of the shareholders of NDTV,” said the order signed by SEBI’s Whole Time Member S.K. Mohanty.

“However, contrary to the same, in the present case, the Noticees i.e. the promoters and Directors of NDTV have been found to have indulged in fraudulent acts wherein they have bartered away the interests of NDTV by making them subject to prior written consent of ‘ICICI/VCPL’ without disclosing the same to the company (NDTV).”

The order further said that “Noticee no. 2 and 3 opted to violate the Code of Conduct of NDTV which they were supposed to abide by, being the Chairman and Managing Director of the company”.

“Noticee No. 2 and Noticee No. 3 have consciously taken such a position under the loan agreements which was directly inconsistent with their role as Chairman and Managing Director”.

“Any fraudulent act directly designed to defraud such investors cannot be treated as good for the securities market and for the interest of investors. Such acts, if not dealt with adequately and sternly, will send a wrong signal to the violators having same or similar propensity and will not be good for the securities market.”

In a statement, Radhika and Prannoy Roy, the promoters of NDTV said that SEBI order asking them to step down as directors and to not hold any management positions in NDTV, is based on an incorrect assessment and is a highly unusual and perverse directive.

They will take urgent legal action as advised within the next few days, the statement added. NDTV was incorporated in 1988 and is listed on the BSE and the NSE.  (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

25,345FansLike
113,940FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Is the world sliding into a Chernobyl-plus nuclear disaster in Ukraine? – by Sergei Strokan

New Delhi, Aug 13, 2022- Tensions around the Zaporozhye nuclear power plant in Ukraine reached a climax by the weekend, after three more missiles...

When careers are sacrificed for advertisement billboards and statistics – by Vinit Goenka

Back in 1859, Macaulay's education system came into effect intending to colonise education and create a class of anglicised Indians. Post-Independence, India tried to...

The growing cyber threat to India from Far East – by Dr Shujaat Ali Quadri

Around 2,000 Indian websites were hacked in June-July 2022 alone. This is one of the most serious cyber attacks on India in the recent...

SPORTS

Health & Fitness

Rise in pregnancy-related complications during Covid pandemic

New York, Aug 13, 2022- Covid-19 has caused unprecedented stressors as a new study showed a rise in pregnancy-related complications during the pandemic. The study, published in the journal JAMA Network Open, assessed how pregnancy-related complications and obstetric outcomes changed during Covid compared to pre-pandemic. Looking at the relative changes in the mode of delivery, rates of premature births and mortality...

Gadgets & Tech

error: Content is protected !!