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National News

Jan 03, 2020

NDTV's Prannoy Roy & Radhika Roy move Bombay HC challenging 2018 SEBI notice

Media firm NDTV's promoters Prannoy Roy and Radhika Roy have moved the Bombay High Court, challenging a 2018 SEBI notice for alleged violation of insider trading regulations.

Besides setting aside the notice, NDTV has urged the court to direct SEBI to allow the Roys to inspect all the documents, records and internal files and notings on which the regulator had relied before issuing the same.

The petition claimed that the notice was "arbitrary, unreasonable and issued in gross abuse of power", adding that the regulator did not offer any evidence or documentation to substantiate the allegations.

The Securities and Exchange Board of India had issued a show-cause notice on August 31, 2018, accusing the Roys of trading NDTV’s shares while in possession of "unpublished price sensitive information".

During today's hearing, a division bench of Justices SC Dharmadhikari and RI Chagla said the petitioners could face the notice and if there is no material, the plea will fall on its own.

The judges said they would pass appropriate orders on the petition on Monday.

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