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Resignation of the Roys accepted by promoter of NDTV

BNE News Desk


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Guwahati: The promoter entity of New Delhi Television Limited (NDTV) RRPR Holding Private Limited has approved the resignation of Radhika Roy and Prannoy Roy.

The Roys were working as the Director on the firm’s board.

Media outlet had informed in a regulatory filling that the resignation has come into effect from the close of business hours of November 29.

Further, RRPR has approved the appointment of Sudipta Bhattacharya, who was Chief Technology Officer of Adani Group.

Others are, an official of Vishvapradhan Commericial Private Limited (VCPL) Senthil Sinniah Chengalvarayan and veteran, as directors of the Board.

The RRPR reigned by the Roys, had taken a loan of Rs 400 crore from VCPL over a decade ago. The terms of the loan agreement allowed VCPL to acquire a 29.18 percent stake in NDTV. This was termed in case the loan cannot be repaid.
NDTV tried to block the conversion notice by citing a two-year ban imposed by SEBI on the promoters of the media group dealing in the securities markets. This ban expired on November 26.

The loan-issuing company was acquired by the Adani Group on August. Later, a share conversion notice was issued.
While exchange filing on November 28, NDTV said RRPR has issued the shares to VCPL in consonance with the conversion notice as issued on August 23. This was followed by the expiry of 2 year restraint imposed by Securities and Exchange Board of India (SEBI). This was in a matter of dealing in securities on November 26.

The transfer of shares led the Adani owned entity to take over 29.18 percent stake in NDTV.

In November 22, the Gautam Adani led conglomerate had launched an open offer for an additional 26 percent stake. This would allow it pull the ownership of the media company.

With a price band of Rs. 294 per share, the offer will close on December 5. The open offer will amount to Rs. 492.81 crores if fully subscribed.

Radhika Roy and Prannoy Roy are the co-founders of NDTV. Their resignation as directors of RRPR comes a day after the firm transferred its shares constituting up to 99.5 percent of its equity capital to VCPL, which is owned by AMG Media Network Ltd (AMNL), the media arm of Adani group.

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BNE News Desk