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SEBI also reportedly pointed out that in appeal cases, the deposit is paid in money and not by pledging shares.
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The Securities and Exchange Board of India (SEBI) has filed an affidavit before the Supreme Court objecting to promoters Prannoy Roy and wife Radhika Roy’s offer to pledge shares of NDTV before Security Appellate Tribunal as deposit to challenge the fine imposed by SEBI for allegedly manipulating the stock market, according to media reports. The value of the shares is said to be Rs 8.6 crore.
In the 11-page affidavit, SEBI has reportedly said that the couple cannot pledge the shares as the value of the fine is Rs 30 crore and the deposit to appeal should be Rs 15 crore. The board also said that the shares cannot be pledged as they are not free from encumbrances.
SEBI also reportedly pointed out that in appeal cases, the deposit is paid in money and not by pledging shares.