On Tuesday, a couple of hours after the news broke out that Adani Group had acquired 29.18% shares at NDTV, the media organization has released a statement saying that the shares were acquired without discussion, consent or notice.
“Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika and Prannoy Roy, a notice was served upon them by Vishvapradhan Commercial Private Limited (VCPL) stating that it (VCPL) has acquired control of RRPR Holding Private Limited (RRPRH),” NDTV said in the statement.
The statement added that this entity owned 29.18% of NDTV, and that it had 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, read the statement.
It further 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. As recently as yesterday, 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,” the statement concluded.
Pertinently, earlier today, India’s Adani Enterprises had said that its media unit will indirectly buy a 29.18% stake in New Delhi Television Ltd and launch an open offer for another 26% stake in the media house.