The media organisation added, “NDTV has never compromised on the heart of its operations – its journalism. We continue to proudly stand by that journalism.”
New Delhi: Moments after headlines screamed that the Adani Group has acquired 29.18% of stakes in NDTV, the media organisation published an article on its website that the notice was served upon them by Vishvapradhan Commercial Private Limited (VCPL) “without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika and Prannoy Roy”.
NDTV said the notice said that 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. It further said, “VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10.”
In the statement, NDTV said, “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. As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders.”
It added, “NDTV has never compromised on the heart of its operations – its journalism. We continue to proudly stand by that journalism.”
In a statement, the Adani group said, “VPCL, along with AMNL and AEL (persons acting in concert), will launch an open offer to acquire up to 26% stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.”