In a notable development, the Securities and Appellate Tribunal (SAT) delivered a significant ruling on October 5, overturning the insider trading order imposed on former NDTV promoters Prannoy Roy and Radhika Roy.
The backdrop of this ruling traces back to November 27, 2020, when the Securities and Exchange Board of India (Sebi) had issued an order directing the aforementioned individuals to “disgorge” a sum exceeding Rs 16.97 crore, inclusive of interest accruing at a rate of 6 percent per annum from April 17, 2008.
Additionally, the Sebi order had imposed restrictions, barring them from participating in the securities market. Furthermore, they were prohibited from engaging in any form of securities trading, whether directly or indirectly, and were disallowed from association with the securities market for a duration spanning two years.
This development heralds a pivotal turn in the legal trajectory of Prannoy Roy and Radhika Roy, former luminaries of NDTV, and signifies the culmination of their protracted legal battle. As the situation evolves, further updates will follow.
