NDTV says Adani acquisition without consent
Adani acquired 29% of its shares on 23 August
Aug 24, 2022 09:59:00 AM | Article | Campaign India Team Share -
Soon after the news of Adani Media acquiring 29% stake in NDTV, the latter issued a statement through which it conveyed that the media house wasn't in the loop.
The statement from NDTV said that the acquisition took place without any discussion, consent or notice, and got to know about the deal after a notice was served upon them by Vishvapradhan Commercial (VPCL). The notice stated that it acquired control of RRPR Holding. RRPR Holding owns 29.18% of NDTV. It has been given two days to transfer all its equity shares to VCPL. VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10.
Through the statement, NDTV added, "The NDTV 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 (23 August). As recently as yesterday (22 August), 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."