NDTV says Adani wants regulatory nod to purchase its high shareholder

New Delhi Television Ltd (NDTV) on Thursday mentioned Adani Group wants regulatory approval to purchase its largest shareholder, as its founders – who personal the goal agency – are barred from buying and selling in securities markets.

Billionaire Gautam Adani’s conglomerate on Tuesday mentioned it was looking for a controlling stake within the information channel. NDTV mentioned the motion “was executed without any input from, conversation with, or consent of the NDTV founders”.

NDTV founders Radhika and Prannoy Roy took a 4 billion rupee ($50 million) mortgage from little-known agency VCPL over 10 years in the past, and in trade issued warrants permitting VCPL to purchase 29.18% of the information group.

The Adani Group mentioned on Tuesday it had acquired VCPL and is exercising these rights.

NDTV on Thursday cited a November 2020 ruling from the Securities and Exchange Board of India (SEBI) barring the Roys from accessing the securities market till Nov. 26, 2022.