Advocate Mukul Rohatgi representing NDTV promoters said, 'We are a struggling news channel' while the court ordered them to pay the security.
Investigations concerning the company's reorganization started in September 2007, and the disclosure was made in April 2008. It was noted that Prannoy Roy and Radhika Roy violated Prohibition of Insider Trading (PIT) norms.
SEBI also banned Roys from buying, selling, or otherwise investing, directly or indirectly, for a term of 2 years or in any way related to the stock market. Later, the couple approached the Securities Appeal Tribunal (SAT). The SAT refused to offer the entire stay on January 04, 2021 and ordered 50 percent of the penalty to be deposited within the four weeks.
On January 12, 2021, the Roys filed an appeal in the Supreme Court against the SAT's interim order of January 04, 2021. While appearing in the court, Senior Advocate Mukul Rohatgi representing the petitioners, argued that the show-cause notice was issued after ten years of the transaction, while the transaction was 2007. Rohatgi was told by a bench led by Chief Justice S A Bobde that the tribunal could not hear them again unless they give some security. In response to this, Rohatgi stated that they don't have any other income; they are struggling news channel, and they are seriously stuck.'
On January 28, 2021, the Supreme Court ordered Prannoy Roy of NDTV to file a statement of shares, specifying their present market value as security instead of a deposit ordered by the Securities Appellate Tribunal, by January 30.
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