NDTV promoter files petition against Sebi’s show cause notice

By: | Published: August 29, 2018 10:50 PM

New Delhi Television Ltd (NDTV) today said one of its promoters, RRPR Holding (RRPR), has filed a petition in Delhi High Court against a show cause notice (SCN) issued to it by the markets regulator Sebi.

NDTV, RRPR Holding, Sebi, BSE filing, Sebi Act, Delhi High Court, Prannoy Roy, Radhika RoyNDTV said the court has “directed Sebi to provide inspection of all the documents relevant to RRPR” and the next date of hearing has been set for November 27, 20l8.

New Delhi Television Ltd (NDTV) today said one of its promoters, RRPR Holding (RRPR), has filed a petition in Delhi High Court against a show cause notice (SCN) issued to it by the markets regulator Sebi. In a BSE filing, NDTV said the petition was filed against a SCN issued by the Securities and Exchange Board of India on March 14, 2018 to RRPR, Prannoy Roy and Radhika Roy (promoters of NDTV).

The SCN was issued for non-disclosure of loan agreements/arrangements entered into by the promoters of NDTV with ICICI Bank and Vishvapradhan Commercial in earlier years, the filing added. “…RRPR, on the legal advice, filed the said writ petition in which not only the issue of SCN has been challenged but the constitutional validity of the relevant provisions of Sebi Act has also been challenged,” it said.

The said writ petition was heard by the Delhi High Court today. NDTV said the court has “directed Sebi to provide inspection of all the documents relevant to RRPR” and the next date of hearing has been set for November 27, 20l8. “Since the company is not a party to the SCN/writ petition, there will not be any financial implications on the company from the outcome of the SCN/writ petition,” NDTV noted.

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