On a request by market regulator Securities and Exchange Board of India (SEBI) to adjourn the hearing for a week on a petition by NDTV promoters Prannoy Roy and his wife Radhika Roy, the Supreme Court on Friday asked it not to take any coercive steps against NDTV till September 3 hearing on the penalty proceedings in an alleged insider trading charge of concealing information to shareholders.
The case relates to the Roys making profit of Rs 16.97 crore by selling the shares on April 17, 2008 when the trading window for them was closed. SEBI had last November barred them from the securities market for two years and asked them to disgorge the illegal gains made by indulging in inside trading in NDTV more than 12 years ago.
"We will adjourn, but do not take any coercive step," said the Bench headed by Chief Justice NV Ramana that also comprises Justices Sirya Kant and Aniruddha Bose.
Plea for the adjournment was made by Solicitor General Tushar Mehta appearing for SEBI.
The bench inquired from senior advocate Mukul Rohatgi, appearing for the Roys, about the status of hearing on the NDTV promoters' appeal before the Securities Appellate Tribunal (SAT).
Rohatgi said the hearing on the appeals is stuck since third member of SAT is not there. He said the proceedings to levy the penalty on Roys have been initiated. The NDTV promoters have challenged the SAT order to deposit 50 per cent of the alleged lawful gains, which SEBI found to have been made by them.
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