The Securities Appellate Tribunal has overturned a verdict against NDTV founders Radhika and Prannoy Roy which barred them from accessing the securities market.

In an order dated July 20, the tribunal said that allegations that NDTV founders had given up control of the company through a personal loan taken in 2009 were “a figment of imagination”, “against the material evidence on record” and “wholly erroneous”.

The loan was taken by NDTV’s founders from Vishvapradhan Commercial Private Limited. In the order, the SAT’s verdict stated that, “The transaction does not acquire direct or indirect control of NDTV. The intent and language of the loan agreement and call option agreements read with the SAST regulations makes it clear that there is no direct or indirect control of NDTV by VCPL."

The SAT also ruled that “no fraud has been committed nor does the loan agreement defraud the investors.”

The tribunal did however, impose a penalty of Rs 5 crore on the founders and Rs 10 lakh on NDTV for not disclosing the 2009 loan agreement.

In 2015, Newslaundry had reported on how the money between Vishvapradhan Commercial Private Limited and NDTV had flowed in 2009.