“The way loan agreements have been used to deceitfully transfers shares of NDTV
up to 30 per cent to VCPL without the knowledge of NDTV
board or its shareholders, it can be held that the acts of the noticees (Prannoy Roy, Radhika Roy and their firm RRPR Holdings Pvt Ltd) are in stark violation of Regulation 4(1) of PFUTP Regulations, being unfair trade practices,” the order said. READ THE FULL ORDER HERE
"The promoters have informed the company that the said order is in relation to alleged non disclosure of the loan agreements entered into by the promoters and the promoter group with Vishvapradhan Commercial Private Limited and ICICI Bank Limited," NDTV said in a regulatory filing.
The promoters have further informed the company that as per the advice received by them, the order has been passed on an inaccurate assessment of facts and is unlikely to sustain scrutiny in appeal. Therefore, the Promoters are in the process of challenging the said order in appeal before the honorable Securities Appellate Tribunal, it added.