NDTV says the acquisition of 29.18% of company is without consent of its promoters
New Delhi, August 23, 2022
News broadcaster NDTV today said the acquisition of 29.18% of the company was done without any discussion with, consent of, or notice to its founder-promoters, Radhika and Prannoy Roy.
"Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika and Prannoy Roy, a notice was served upon them by Vishvapradhan Commercial Private Limited (VCPL) stating that it (VCPL) has acquired control of RRPR Holding Private Limited (RRPRH). This entity owns 29.18% of NDTV. It has been given two days to transfer all its equity shares to VCPL," a statement by the company on its website said.
It said VCPL had exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10.
Earlier in the day, AMG Media Networks Limited (AMNL), a wholly owned subsidiary of Adani Enterprises Limited (AEL), said it would indirectly acquire 29.18% stake in NDTV and launch an open offer to acquire upto 26% of the news television channel.
A press release from the Adani Group said AMNL’s wholly owned subsidiary Vishvapradhan Commercial Private Limited (VCPL) holds warrants of RRPR Holding Private Limited (RRPR), entitling it to convert them into 99.99% stake in RRPR.
"VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR," the release said.
The NDTV statement said its founders and the company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today.
"As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders.
"NDTV has never compromised on the heart of its operations - its journalism. We continue to proudly stand by that journalism," the statement added.