NEW DELHI: Challenging the SEBI order imposing a fine of Rs. 27 crore for alleged non-disclosure of certain loan agreements, NDTV promoters Prannoy Roy, Radhika Roy and promoter company RRPR Holding Pvt Ltd have decided to appeal against it. 

SEBI had imposed the fine on them for violation of various securities norms by concealing information from shareholders regarding certain loan agreements, which had clauses having an adversarial effect on NDTV shareholders.

In a filing to the stock exchanges, the company said Prannoy Roy and Radhika Roy, founders and promoters of NDTV, and promoter group company RRPR Holding Pvt Ltd have repeatedly cleared that they have never directly or indirectly, through any transactions or agreements, allowed for a transfer of control of NDTV and they continue to hold 61.45 per cent of the total paid-up share of the company. 

The core issue of the alleged surrender of control is pending adjudication at the Securities Appellate Tribunal, which, in 2019, granted a stay in favour of the founders of NDTV till the tribunal decides the matter. 

“The founders' lawyers will appeal against the order and its baseless findings at the Securities Appellate Tribunal. Their lawyers have advised that the SEBI order will not withstand scrutiny in appeal,” the company stated.