SAT stays Sebi's order asking Prannoy, Radhika to step down from NDTV

Tribunal lifts Sebi ban on Prannoy Roy and Radhika Roy from taking managerial positions at NDTV; Adjourns case to Sep 16

The Securities Appellate Tribunal (SAT) on Tuesday stayed an order passed by the Securities and Exchange Board of India (Sebi) barring New Delhi Television (NDTV) promoters Prannoy Roy and Radhika Roy from holding managerial positions at the news television network.

“Such orders prima facie would not be in the interest of the shareholders of NDTV or investors at this stage,” SAT said in an order, adding the company “cannot remain headless.” 

The tribunal, while adjourning the matter for September 16, directed Sebi to file a reply and gave three weeks to the Roys to file a rejoinder. 

SAT directed the