News Analysis India

Tag: Prannoy Roy

  • NDTV co-founder Prannoy Roy, wife resign from board

    By Online Desk

    NEW DELHI: Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), have resigned as Directors on the Board of RRPR Holding Private Limited, with effect from November 29, the company said in a regulatory filing on Tuesday. 

    RRPR Holding, the promoter group vehicle of NDTV, holds 29.18 per cent stake in NDTV, which is being taken over by the Adani group, owned by businessman Gautam Adani.

    In a letter on Tuesday, NDTV told the Bombay Stock Exchange, “NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:

    1. Appointment of Mr Sudipta Bhattacharya (DIN: 0006817333), Mr Sanjay Pugalia (DIN: 0008360398), and Mr Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and2. Resignation of Dr Prannoy Roy (DIN: 00025576) and Mrs Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.”

    Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent subsidiary of Adani Enterprises Limited (AEL), exercised the rights and acquired 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.

    Following this, Adani Group decided to make an open offer to acquire the next 26 per cent state stake in NDTV, which will take the group’s total stake to 55.18 per cent, enough to take the ownership right of NDTV.

    Earlier in October, the Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd.

    Shares of NDTV have rallied following Adani’s interest in the company. However, the Roys hold a 32.26 per cent stake in NDTV. 

    (With inputs from ANI)

    NEW DELHI: Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), have resigned as Directors on the Board of RRPR Holding Private Limited, with effect from November 29, the company said in a regulatory filing on Tuesday. 

    RRPR Holding, the promoter group vehicle of NDTV, holds 29.18 per cent stake in NDTV, which is being taken over by the Adani group, owned by businessman Gautam Adani.

    In a letter on Tuesday, NDTV told the Bombay Stock Exchange, “NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:

    1. Appointment of Mr Sudipta Bhattacharya (DIN: 0006817333), Mr Sanjay Pugalia (DIN: 0008360398), and Mr Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and
    2. Resignation of Dr Prannoy Roy (DIN: 00025576) and Mrs Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.”

    Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent subsidiary of Adani Enterprises Limited (AEL), exercised the rights and acquired 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.

    Following this, Adani Group decided to make an open offer to acquire the next 26 per cent state stake in NDTV, which will take the group’s total stake to 55.18 per cent, enough to take the ownership right of NDTV.

    Earlier in October, the Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd.

    Shares of NDTV have rallied following Adani’s interest in the company. However, the Roys hold a 32.26 per cent stake in NDTV. 

    (With inputs from ANI)

  • Hear NDTV promoters’ appeals without insisting on deposit of Sebi’s fine, SC tells SAT

    By PTI
    NEW DELHI: In a relief to NDTV promoters Prannoy Roy and Radhika Roy, the Supreme Court Monday directed Securities Appellate Tribunal (SAT) not to insist on deposit of half the amount of fines as a pre-condition for hearing their appeals against the orders of markets regulator Sebi.

    The NDTV promoters have challenged theT order directing them to deposit 50 per cent of the alleged unlawful gains which the Securities and Exchange Board of India (Sebi) found to have been made by them.

    A bench headed by Chief Justice S A Bobde said the appeals of the Roys will be be heard by theT without insisting on deposit.

     “Appeals are to be heard on March 4. No amount shall be recovered coercively in absence of any deposit for hearing the appeals. The order shall not be treated as precedent,” said the bench which also comprised Justices A S Bopanna and V Ramasubramanian.

    In the proceedings conducted through video conferencing, the bench was informed by Solicitor General Tushar Mehta that the deposit of money is a condition precedent for grant of stay on the direction of Sebi.

    “I am not saying it’s pre-deposit (condition). They will attach my house,” said senior advocate Mukul Rohatgi, appearing for the promoters.

    “No amount shall be coercively recovered from the appellant for hearing the case. This order shall not be a precedent,” the bench said.

    Earlier, the bench had asked the NDTV promoters to give a statement on shares indicating the current market value which they would like to deposit as security with market regulator Sebi under the order of theT.

    The Roys had told the apex court they were willing to give undertakings that their shares in NDTV will not be transferred.

    The court had taken note of the submission of Rohatgi that the promoters were willing to provide a statement of shares and their current market value.

    Rohatgi had said the promoters are willing to give an undertaking that shares which they hold in NDTV will not be transferred.

    “We don’t have any other money. We are a struggling news channel. We are badly hit,” the senior lawyer said. You have to give some security. How much is the value of share,” the bench had asked. The value of each share is Rs 37 and we have 50 lakh share, the lawyer replied and undertook to file the affidavit.

    TheT had directed the NDTV promoters to deposit 50 per cent of the disgorged amount before Sebi which had imposed a penalty on them for alleged violation of various securities norms by concealing information from shareholders regarding certain loan agreements.

    While hearing their appeal against Sebi,T had further said that if NDTV were to deposit the amount, the balance would not be recovered during the pendency of the appeal before it.

    In two separate orders passed on January 4, the tribunal had noted that the appeals filed by the Roy couple needed consideration and directed the appeals to be listed before the tribunal for final disposal on February 10, 2021.

    This had come following appeals filed by the couple against a Sebi order passed in November last year, whereby the markets regulator had barred them from the securities market for two years and also directed them to disgorge illegal gains of Rs 16.97 crore for indulging in insider trading more than 12 years ago.

    However, the charges were denied by the company.

    Sebi had noted that the duo together made the gains by indulging in insider trading in the shares of New Delhi Television Ltd (NDTV) while in possession of UPSI relating to the proposed reorganization of the company.

    Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director during the period under investigation and were part of the decision making chain that had led to crystallization of the UPSI.

    Discussions pertaining to reorganisation of the company started on September 7, 2007 and the disclosure was made on April 16, 2008.

    Hence, September 7, 2007 to April 16, 2008 was unpublished price sensitive information (UPSI) period.

    The couple sold shares on April 17, 2008, when the trading window for them was closed and made a profit of Rs 16.97 crore, as per the Sebi order.

    By doing so, they violated Prohibition of Insider Trading (PIT) norms and also acted in contravention of NDTV’s code of conduct for prevention of insider trading which prohibited them from trading at least till 24 hours after the information was disclosed to the stock exchanges, it added.

  • SC asks promoters Prannoy, Radhika to apprise it of shares they hold in NDTV

    By PTI
    NEW DELHI: The Supreme Court Thursday asked NDTV promoters Prannoy Roy and Radhika Roy to apprise it of the shares they hold in the company and their value by Friday.

    The promoters told the apex court that they were willing to give undertakings that their shares in NDTV will not be transferred.

    They have challenged the order directing them to deposit 50 per cent of the alleged unlawful gains which markets regulator Sebi found to have been made by them.

    The Securities Appellate Tribunal (SAT) had directed the NDTV promoters to deposit 50 per cent of the disgorged amount before Sebi which had imposed a penalty on them for alleged violation of various securities norms by concealing information from shareholders regarding certain loan agreements.

    While hearing their appeal against Sebi, SAT had further said that if NDTV were to deposit the amount, the balance would not be recovered during the pendency of the appeal before it.

    A bench headed by Chief Justice S A Bobde took note of the submission of senior advocate Mukul Rohatgi, appearing for the promoters, that they were willing to provide a statement of shares which will not be transferred by them to any other person.

    On being told that the affidavit can be filed by Friday, the bench, which also comprised Justices A S Bopanna and V Ramasubramanian, fixed the pleas for hearing on Monday.

    In the proceedings conducted through video conferencing, it asked the counsel for Roys as to how much security they were willing give.

    Rohatgi said the promoters are willing to give an undertaking that shares which they hold in NDTV will not be transferred.

    “We don’t have any other money. We are a struggling news channel. We are badly hit,” the senior lawyer said.

    “You have to give some security. How much is the value of share,” the bench asked.

    The value of each share is Rs 37 and we have 50 lakh share, the lawyer replied and undertook to file the affidavit by Friday.

    In two separate orders passed on January 4, the tribunal had noted that the appeals filed by the Roy couple needed consideration and directed the appeals to be listed before the tribunal for final disposal on February 10, 2021.

    This had come following appeals filed by the couple against a Sebi order passed in November last year, whereby the markets regulator had barred them from the securities market for two years and also directed them to disgorge illegal gains of Rs 16.97 crore for indulging in insider trading more than 12 years ago.

    However, the charges were denied by the company.

    Sebi had noted that the duo together made the gains by indulging in insider trading in the shares of New Delhi Television Ltd (NDTV) while in possession of UPSI relating to the proposed reorganization of the company.

    Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director during the period under investigation and were part of the decision making chain that had led to crystallization of the UPSI.

    Discussions pertaining to reorganisation of the company started on September 7, 2007 and the disclosure was made on April 16, 2008.

    Hence, September 7, 2007 to April 16, 2008 was unpublished price sensitive information (UPSI) period.

    The couple sold shares on April 17, 2008, when the trading window for them was closed and made a profit of Rs 16.97 crore, as per the Sebi order.

    By doing so, they violated Prohibition of Insider Trading (PIT) norms and also acted in contravention of NDTV’s code of conduct for prevention of insider trading which prohibited them from trading at least till 24 hours after the information was disclosed to the stock exchanges, it added.