SAT has granted six-week time to SEBI to file its reply and three weeks thereafter to RRPR to file a rejoinder. The matter has been listed for admission and for final disposal on 16th September.
It said: “We are of the opinion that a listed company which is managed by the appellants holding more than 61% of the total shares cannot remain headless. The impugned order has been passed restraining the appellants, Dr. Prannoy Roy, and Ms. Radhika Roy from occupying a position as a Director or in any Key Managerial personnel in NDTV for a period of two years. Such orders prima facie would not be in the interest of the shareholders of the NDTV or for that matter the investors at this stage.”
As reported earlier, the SEBI had also restrained Prannoy Roy and Radhika Roy from holding or occupying a position as Director or any key managerial personnel in NDTV for a period of two years and in any other listed company for a period of one year.
On 16 June, SEBI had issued the order following a complaint filed by Quantum Securities, a shareholder of NDTV violating the provisions of Securities and Exchange Board of India Act, 1992 by omitting to disclose material information to the shareholders of NDTV about loan agreements entered into by them with Vishvapradhan Commercial Private Limited (VCPL).