SAT stays SEBI order which had barred NDTV Promoters

SAT has given the stayed order passed by the Securities and Exchange Board of India (SEBI) which had barred NDTV Promoters Radhika Roy and Prannoy Roy from occupying the position of Director or any key managerial position in NDTV for a period of two years.

The SAT stated such an order would not be in the interest of NDTV shareholders or investors at this stage. A listed company cannot remain handless SAT further said. The SAT, therefore stayed the operation of SEBI order dated of June 14. However, it also laid down the condition that Roy's shall not alienate or create any encumbrance on their shareholding in NDTV till further orders. SAT also said that it was constrained to note that the system adopted by SEBI needs a revisit and SEBI’s duty does not end the moment the order is uploaded on it's website.

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