“Without Discussion, Consent or Notice”: NDTV On Adani Group Acquiring 29.18% Stakes
“NDTV has never compromised on its core work, that is, its journalism. We still stand proudly with the same journalism,” it added. Mumbai| Hours after Adani group’s AMG Media Network Limited (AMNL) announced that it has indirectly acquired 29.18% stakes in NDTV, the television network has issued a statement….
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“NDTV has never compromised on its core work, that is, its journalism. We still stand proudly with the same journalism,” it added.
Mumbai| Hours after Adani group’s AMG Media Network Limited (AMNL) announced that it has indirectly acquired 29.18% stakes in NDTV, the television network has issued a statement. It has said the move was made without any discussion with the promoters of the company. NDTV said that neither was their consent sought nor were they served any notice.
In its , the network said, “Without any further discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika & Prannoy Roy, a notice has been served to them by Vishwapradhan Commercial Private Limited (VCPL), stating that it has acquired control of RRPR Holding Private Limited (RRPRH). This company owns 29.18 percent shares of NDTV. RRPRH has been given two days to transfer all its equity shares to VCPL.
The rights exercised by VCPL are based on the loan agreement it entered into with Radhika and Prannoy Roy, the founders of NDTV, in the year 2009-10.”
The statement further says, “NDTV’s Founders and Company would like to clarify that this exercise of rights by VCPL has been done without any input, negotiation or consent of the NDTV’s founders, and that NDTV’s Founders shall be made aware of this exercise of rights as of NDTV today has been found. Recently, in fact only yesterday, NDTV had informed the stock exchanges that there has been no change in the shareholding of the founders.”
“NDTV has never compromised on its core work, that is, its journalism. We still stand proudly with the same journalism,” it added.
Also Read: Adani Group Indirectly Acquires 29.2% Stake In NDTV
Earlier in the day, AMNL issued a statement stating that they have indirectly acquired 29.18% stakes in New Delhi Television and have made open offer to buy 26% stakes.
Adani entities made a ₹493-crore open offer for a 26% stake in NDTV at ₹294 per share. The media company’s shares closed 5% higher today at ₹376.55 apiece.
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