India’s Supreme Court Friday asked markets regulator SEBI not to take any coercive steps against TV news broadcaster NDTV’s promoters Prannoy and Radhika Roy till it heard their pleas on September 3 against the penalty proceedings related to alleged violation of securities norms by concealing information from shareholders on certain loan agreements.

A bench headed by Chief Justice N V Ramana was requested by the Securities and Exchange Board of India (SEBI) that the hearing on the pleas of the NDTV promoters be adjourned till next Friday, PTI reported from New Delhi.

“We will adjourn, but do not take any coercive step,” the bench, which also comprised Justices Surya Kant and Aniruddha Bose, told Solicitor General Tushar Mehta who was appearing for the SEBI.

The bench inquired from senior advocate Mukul Rohatgi, appearing for the Roys, about the status of hearing on the NDTV promoters’ appeal before the Securities Appellate Tribunal (SAT).

The court was informed in the absence of the third member of the appellate tribunal, the hearing on the appeals has not taken place, but at the same time proceedings to levy the penalty were being initiated.

The apex court on February 15 disposed of the pleas of the Roys asking SAT not to insist on deposit of half the amount of fines as a pre-condition for hearing their appeals against the SEBI orders.

The NDTV promoters challenged the order directing them to deposit 50 per cent of the unlawful gains alleged by SEBI.

“Having heard the matter for some time, we pass the following order by consent: The appellants’ Appeal nos…shall be heard by SAT at Mumbai without insisting on any deposit of amount… It is directed that no amount shall be recovered coercively from the appellants in the absence of any deposit. This order shall not be treated as a precedent in any other case. The appeals are, accordingly, disposed of,” the top court observed.

The Roys had filed appeals against a SEBI order passed in November last year, whereby the markets regulator had barred them from the securities market for two years and had also directed them to disgorge illegal gains of Rs. 16.97 crore for indulging in insider trading more than 12 years ago.

However, the charges were denied by NDTV.

Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director of NDTV during the period under investigation.