NDTV tanks 8% after Sebi bars Prannoy, Radhika Roy from securities market
In response, founders of the NDTV group called the Sebi’s order to debar them from holding any managerial position as “outrageous, bad in law and against all procedures”
Shares of New Delhi Television (NDTV) skid 8 per cent to Rs 32.10 during the early morning trade on the BSE on Monday, after markets regulator the Securities and Exchange Board of India (Sebi) banned the group chairman Prannoy Roy and director Radhika Roy from assessing the capital market for two years. The stock of broadcasting & cable TV operator was trading close to its 52-week low of Rs 31.05 touched on July 24, 2018 on the BSE in intra-day trade.
It has also forbidden the two from holding any key managerial position after it found the duo guilty in Vishvapradhan Commercial Private Limited loan case.
On June 14, Sebi issued a notice to Prannoy Roy, Radhika Roy and their firm RRPR Holdings Pvt Ltd stating that they have “violated” the provisions of the regulator “by omitting to disclose material information to the shareholders of NDTV in the VCPL case”.
SOURCE – BUSINESS STANDARD