The award, comprising a trophy and a citation, has been instituted by the Mumbai Press Club.
Speaking on the occasion, Roy said TV channels should go beyond the "tabloid news culture", and focus on well-researched quality journalism.
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He, however, added that the judiciary should control this initiative and not the government.
Sreenivasan Jain of NDTV was presented 'Journalist of the Year' award. Arnab Goswami, editor-in-chief of Times Now, was honoured with 'Impact Editor of the Year' award.
News website Scroll.in was given 'the news start-up of the year' award.
The awards were presented by the Union Railway Minister Suresh Prabhu.
Awards were also presented in the categories crime, politics, courts, health, environment and science.
A panel discussion on 'limits of dissent' was held in which Prabhu, veteran journalist Shekhar Gupta, Jain and Krishna Prasad, editor-in-chief, Outlook, took part. The debate was moderated by Sachin Kalbag, editor of Mid-Day.
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