Radhika and Prannoy Roy, the founders and promoters of NDTV, have repeatedly said that they have never directly or indirectly surrendered control of the Company to another individual or entity.
The SEBI order issued against them today (December 24), alleging they surrendered control of the Company, is based on an incorrect assessment of facts.
The core issue of the alleged surrender of control is pending adjudication at the Securities Appellate Tribunal, which, in 2019, granted a stay in favour of the founders of NDTV till the tribunal decides the matter.
The founders' lawyers will appeal against the order and its baseless findings at the Securities Appellate Tribunal. Their lawyers have advised that the SEBI order will not withstand scrutiny in appeal.