BENGALURU: New Delhi Television (NDTV) said that Vishwapradhan Commercial Private Limited (VPCL) would require the approval of the stock market regulator to buy 99.5% interests in its promoter group along with AMG Media Networks Ltd and Adani Enterprises Ltd.
“In view of the directions in force under the Securities and Exchange Board of India’s (SEBI) order dated November 27, 2020, barring the founder-promoters Dr. Prannoy Roy and Mrs. Radhika Roy from accessing the securities market, and further prohibiting the purchase, sale of securities.” , or otherwise transact, directly or indirectly, or in any way associated with the securities market for a period of 2 years, expiring on November 26, 2022, unless the pending appeal proceedings were successfully concluded SEBI approval is necessary for the proposed acquirer to secure 99.5% interest in the promoter group vehicle, as it would result in voting rights in respect of 29.18% of the issued share capital of the target company held by the promoter group vehicle.” The company said in a regulatory filing on August 25.
Indian billionaires on Tuesday gautam adaniThe K group said it was seeking to control a majority stake in the popular news channel, but ndtv The Adani Group issued a statement soon after saying the move was “executed without any input from, negotiations with, or consent to, the founders of NDTV”.
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