Adani group open supply: NDTV delays AGM by every week, now on September 27
5 min readNEW DELHI: NDTV has deferred its Annual General Meeting (AGM) by every week to September 27 in view of the open supply from the Adani group to amass a 26 per cent stake within the media firm, based on a regulatory submitting.
The New Delhi Television Limited (NDTV)’s AGM was initially scheduled to be held on September 20.
Last week, the Adani group introduced to not directly purchase 29.18 per cent shareholding in NDTV, and launch an open supply to purchase an extra 26 per cent stake.
“The 34th AGM of NDTV is being moved from September 20, 2022, to September 27, 2022 as a result of the processes required after the Notice and Public Announcement of the Open Offer made by VCPL (an indirect subsidiary of Adani Enterprises Ltd) to our public shareholders for acquiring up to 26 per cent of the Voting Share Capital of the Company,” stated Saturday late evening submitting.
The AGM shall now be held on September 27, 2022 via Video Conference in accordance with the circulars issued by the Ministry of Corporate Affairs and Securities Exchange Board of India, it added.
On August 23, the Adani group introduced to amass 29.18 per cent shareholding in NDTV and to launch an open supply to purchase an extra 26 per cent stake within the firm, which operates three nationwide information channels – English information channel NDTV 24×7, Hindi information channel NDTV India and enterprise information channel NDTV Profit.
The key aspect behind the takeover bid is an unpaid mortgage that NDTV”s promoter entity RRPR Holding Pvt Ltd had availed from Vishvapradhan Commercial Pvt Ltd (VCPL).
NDTV had taken a mortgage of Rs 403.85 crore in 2009-10 and in opposition to this quantity, warrants have been issued by RRPR.
With the warrants, VCPL had the suitable to transform them right into a 99.9 per cent stake in RRPR in case the mortgage was not repaid.
The Adani group first acquired VCPL from its new proprietor and exercised the choice to transform unpaid debt right into a 29.18 per cent stake within the information channel firm.
The promoters of NDTV had claimed that they have been fully unaware of the takeover till Tuesday and that it was achieved with out their consent.
On August 25, NDTV and RRPR had stated market regulator Sebi handed an order on November 27 final yr in opposition to Prannoy Roy and Radhika Roy, restraining them to entry the securities market.
Hence, prior written approval from the Securities and Exchange Board of India (Sebi) is required for the train of the conversion choice on the Warrants, the letter had stated However, the Adani group rejected NDTV’s assertion the following day, saying the promoter entity is just not part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market.
Terming the contentions raised by RRPR as “baseless, legally untenable and devoid of merit”, VCPL had stated the holding agency is “bound to immediately perform its obligation and allot the equity shares” as specified within the Warrant Exercise Notice.
VCPL had stated RRPR is just not a celebration to the Sebi Order dated twenty seventh November 2020 and the restraints don’t apply to it.
The Warrant Exercise Notice was issued by its subsidiary VCPL beneath a contract, which is binding on RRPR, it added.
“RRPR is therefore obligated to comply with its contractual obligations,” Adani Enterprises stated.
NEW DELHI: NDTV has deferred its Annual General Meeting (AGM) by every week to September 27 in view of the open supply from the Adani group to amass a 26 per cent stake within the media firm, based on a regulatory submitting.
The New Delhi Television Limited (NDTV)’s AGM was initially scheduled to be held on September 20.
Last week, the Adani group introduced to not directly purchase 29.18 per cent shareholding in NDTV, and launch an open supply to purchase an extra 26 per cent stake.
“The 34th AGM of NDTV is being moved from September 20, 2022, to September 27, 2022 as a result of the processes required after the Notice and Public Announcement of the Open Offer made by VCPL (an indirect subsidiary of Adani Enterprises Ltd) to our public shareholders for acquiring up to 26 per cent of the Voting Share Capital of the Company,” stated Saturday late evening submitting.
The AGM shall now be held on September 27, 2022 via Video Conference in accordance with the circulars issued by the Ministry of Corporate Affairs and Securities Exchange Board of India, it added.
On August 23, the Adani group introduced to amass 29.18 per cent shareholding in NDTV and to launch an open supply to purchase an extra 26 per cent stake within the firm, which operates three nationwide information channels – English information channel NDTV 24×7, Hindi information channel NDTV India and enterprise information channel NDTV Profit.
The key aspect behind the takeover bid is an unpaid mortgage that NDTV”s promoter entity RRPR Holding Pvt Ltd had availed from Vishvapradhan Commercial Pvt Ltd (VCPL).
NDTV had taken a mortgage of Rs 403.85 crore in 2009-10 and in opposition to this quantity, warrants have been issued by RRPR.
With the warrants, VCPL had the suitable to transform them right into a 99.9 per cent stake in RRPR in case the mortgage was not repaid.
The Adani group first acquired VCPL from its new proprietor and exercised the choice to transform unpaid debt right into a 29.18 per cent stake within the information channel firm.
The promoters of NDTV had claimed that they have been fully unaware of the takeover till Tuesday and that it was achieved with out their consent.
On August 25, NDTV and RRPR had stated market regulator Sebi handed an order on November 27 final yr in opposition to Prannoy Roy and Radhika Roy, restraining them to entry the securities market.
Hence, prior written approval from the Securities and Exchange Board of India (Sebi) is required for the train of the conversion choice on the Warrants, the letter had stated However, the Adani group rejected NDTV’s assertion the following day, saying the promoter entity is just not part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market.
Terming the contentions raised by RRPR as “baseless, legally untenable and devoid of merit”, VCPL had stated the holding agency is “bound to immediately perform its obligation and allot the equity shares” as specified within the Warrant Exercise Notice.
VCPL had stated RRPR is just not a celebration to the Sebi Order dated twenty seventh November 2020 and the restraints don’t apply to it.
The Warrant Exercise Notice was issued by its subsidiary VCPL beneath a contract, which is binding on RRPR, it added.
“RRPR is therefore obligated to comply with its contractual obligations,” Adani Enterprises stated.
