The Whole Time Member (WTM) of the SEBI had held in December 2020 that the loan agreements were not plain vanilla secured inter-corporate loan agreements.
Instead, they were extremely biased in favour of the VCPL and ICICI as it agreed to a host of conditions pertaining to the capital structuring of NDTV, which were unwarranted and had no bearing whatsoever with the loan, SEBI had held.
The minority shareholders of the company and general investors of securities market were entitled to know such crucial transactions carried out by the promoters which involved transferring the rights over a substantial stake by the promoters to a third party, the order under challenged had stated.
Source: Barandbench
