NEW DELHI: NDTV promoters Prannoy and Radhika Roy have guaranteed the Supreme Court that they will hand over some shares of their company as security in the failure to disclose price-sensitive information to shareholders case. They said that they are a “struggling news channel” with “no other resources.” 

A bench headed by chief justice S A Bobde took note of the submission of senior advocate Mukul Rohatgi, appearing for the promoters, that they were willing to provide a statement of shares which will not be transferred by them to any other person.

SEBI had imposed a Rs 27 crore penalty on the three NDTV promoters — Prannoy Roy, Radhika Roy and RRPR Holding Ltd — for failing to disclose price-sensitive information to the shareholders of the news channel. While Rs 25 core had to be paid jointly, both Prannoy and Radhika were asked to pay Rs 1 crore each separately. 

NDTV had moved to the court against an interim order passed by the Securities Appellate Tribunal (SAT), which had ordered the channel to deposit 50 per cent of the fine imposed earlier by SEBI. 

The court has adjourned the matter to 1 February, noting that the promoters have agreed to provide a statement of shares that they are willing to furnish as security. 

RRPR Holdings had entered into a loan agreement with ICICI in October 2008, and two others with VCPL in 2009 and 2010 for borrowing Rs 350 crores and Rs 50 crore respectively, which were not informed to the stock exchange. The promoters maintain that NDTV was not a party to the loan agreements and hence there was no requirement to make any disclosure. 

Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director during the period under investigation and were part of the decision making chain.