Sebi files petition in Supreme Court against SAT decision in NDTV case


New Delhi: The Securities and Exchange Board of India (Sebi) has asked the Supreme Court (SC) to set aside a decision taken by the Securities and Appellate Tribunal (SAT) in a case involving a change in ownership of New Delhi Television ( NDTV), The Business. Standard reported citing sources.

In a July 20 ruling, SAT rejected Sebi’s contention that Vishwapradan, a company connected to the Reliance group from which NDTV’s promoters borrowed money, had influence over NDTV through its ownership of obligations

According to sources, Sebi filed an appeal before the SC to prevent the SAT order from setting a precedent where promoters of listed businesses convert loans into shares without triggering an open offer.

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