New Delhi: The Supreme Court Friday asked markets regulator Sebi not to take any coercive steps against NDTV promoters Prannoy Roy and Radhika Roy till it hears their pleas on September 3 against the penalty proceedings related to alleged violation of securities norms by concealing information from shareholders on certain loan agreements.
A bench headed by Chief Justice N V Ramana was requested by the Securities and Exchange Board of India (Sebi) that the hearing on the pleas of the NDTV promoters be adjourned till next Friday.
We will adjourn, but do not take any coercive step, the bench, which also comprised Justices Surya Kant and Aniruddha Bose, told Solicitor General Tushar Mehta who was appearing for the Sebi.
The bench inquired from senior advocate Mukul Rohatgi, appearing for the Roys, about the status of hearing on the NDTV promoters’ appeal before the Securities Appellate Tribunal (SAT).
The third member of theT is not there and the hearing on the appeals is stuck, Rohatgi said, adding that now the proceedings to levy the penalty have been initiated.
The apex court on February 15 disposed of the pleas of the Roys asking theT not to insist on deposit of half the amount of fines as a pre-condition for hearing their appeals against the Sebi orders.
The NDTV promoters challenged theT order directing them to deposit 50 per cent of the alleged unlawful gains which Sebi found to have been made by them.
Having heard the matter for some time, we pass the following order by consent: The appellants’ Appeal nos…shall be heard by theT at Mumbai without insisting on any deposit of amount… It is directed that no amount shall be recovered coercively from the appellants in the absence of any deposit. —PTI