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Friday, February 26, 2021

Hear appeals of NDTV promoters without insisting on deposit of fine: SC to SAT

The NDTV promoters have challenged the SAT order directing them to deposit 50 per cent of the alleged unlawful gains which the Securities and Exchange Board of India (Sebi) found had been made by them.

By: Express News Service | New Delhi |
Updated: February 16, 2021 1:30:52 am
NDTV, Sebi, Supreme CourtThe watchdog noted that the broking firm had executed trades on behalf of the clients with a condition that the margin money can be used for trading in any segment/ exchange.

In a relief to NDTV promoters Prannoy Roy and Radhika Roy, the Supreme Court Monday directed Securities Appellate Tribunal (SAT) not to insist on deposit of half the amount of fines as a pre-condition for hearing their appeals against the orders of markets regulator Sebi.

The NDTV promoters have challenged the SAT order directing them to deposit 50 per cent of the alleged unlawful gains which the Securities and Exchange Board of India (Sebi) found had been made by them.

A bench headed by Chief Justice S A Bobde said the appeals of the Roys will be be heard by SAT without insisting on deposit.

“Appeals are to be heard on March 4. No amount shall be recovered coercively in absence of any deposit for hearing the appeals. The order shall not be treated as precedent,” said the bench, which also comprised Justices A S Bopanna and V Ramasubramanian.

In the proceedings conducted through video conferencing, the bench was informed by Solicitor General Tushar Mehta that the deposit of money is a condition precedent for grant of stay on the direction of Sebi.

“I am not saying it’s pre-deposit (condition). They will attach my house,” said senior advocate Mukul Rohatgi, appearing for the promoters.

“No amount shall be coercively recovered from the appellant for hearing the case. This order shall not be a precedent,” the bench said.

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