September 13, 2017

Rs 100 crore defamation suit against Moneylife withdrawn by NSE


Rs 100 crore defamation suit against Moneywise Media Pvt Ltd, publisher of the fortnightly magazine Moneylife and its founders Debashis Basu and Sucheta Dalal has been withdrawn by the National Stock Exchange (NSE).

The defamation case connects to a letter published by Moneylife in early 2015, which pointed on NSE’s practice of favouring certain brokers by allowing them to get market price information before the of rest of the market using NSE’s co-location facility.

NSE moved the Bombay High Court on July 21, 2015 to stop the publication and circulation of the article and also asked the magazine to provide an unconditional apology. Justice Gautam Patel, after hearing the matter, had imposed “severe strictures” and Rs 50 lakh penalty on the exchange. NSE had filed an appeal against the order in the division bench.

However, on September 12, NSE told the division bench, comprising Justice ZA Haq and Justice Naresh Patil, that it would respect the judgement of Justice Patel and withdraw their case. NSE paid Rs 1.5 lakh each to the two founders, and Rs 47 lakh to two charitable trusts, Tata Memorial Hospital and the Masina Hospital as per the September 9 order of Justice Patel.

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