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The Securities Appellate Tribunal (SAT) has provided partial relief to news broadcaster New Delhi Television (NDTV) and its promoters against orders passed by the Securities and Exchange Board of India (Sebi) for alleged violation of Takeover Code and disclosure regulations.
The tribunal also slashed penalties imposed by the market regulator terming them ‘excessive’.
In July 2009, NDTV promoters took a loan from Vishvapradhan Commercial (VCPL), an entity associated with the Reliance group, to repay Rs 350 crore to ICICI Bank borrowed to finance an open offer.
The loan agreement had a clause which gave the right to VCPL to convert debt into equity,
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