NSE withdraws Rs 100 crore defamation suit against Moneylife

The National Stock Exchange today withdrew its Rs 100 crore defamation case against Moneywise Media Pvt Ltd, publisher of the fortnightly magazine Moneylife, and its founders Debashis Basu and Sucheta Dalal.

The case related to the publication of a whistleblower’s letter on Moneylife’s site that claimed certain NSE officials were giving undue advantage to specific brokers.

NSE was ordered to pay Rs 1.5 lakh each to the two founders, and Rs 47 lakh to two charitable trusts, by the Bombay High Court bench led by Justice Gautam Patel, said a press release by Moneylife. The NSE confirmed the development to BloombergQuint but declined to comment further.

NSE had moved the Bombay High Court on July 21 2015 to stop the publication and circulation of the article and also asked Moneylife to make an unconditional apology.