Sebi moves Supreme Court against NDTV over SAT order

The legal proceedings come even as the Adani Group unveiled plans last month to acquire a 29.18% stake in the news network, through the acquisition of VCPL, which holds a 99.99% stake in RRPR Holding

The Securities and Exchange Board of India (SEBI) has moved the Supreme Court against New Delhi Television (NDTV), the media company said in an exchange filing on Tuesday. The markets regulator has filed an appeal in the apex court over an order passed by the Securities Appellate Tribunal (SAT) on July 20, NDTV said, coming within days of the founder-promoters of the broadcast company moving the Supreme Court over the same order.

The SAT order had slashed a penalty of Rs 25 crore on the Roys of NDTV and their promoter company – RRPR Holding – to Rs 5 crore.