AdvertisingIn an order, Sebi said they failed “to conform to the fair and transparent principles of trades in the securities market” in a case relating to transfer of NDTV shares. The Roys, who were the promoters and majority shareholders in NDTV, will have to step down following the order which comes into force with immediate effect. In a statement Friday evening, Radhika and Prannoy Roy said the SEBI order was based on “an incorrect assessment and is a highly unusual and perverse direction”. “The SEBI order delves into and presents conclusions on issues that were not raised in the show cause notice,” said the statement. According to Sebi, the noticees entered into three loan agreements, one with ICICI and two with VCPL.

Source: Indian Express June 14, 2019 23:37 UTC