In a dramatic late night development on Tuesday, November 29, the new NDTV board approved the resignations of founders Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPRH), the promoter group vehicle of New Delhi Television Ltd (NDTV). This means that the existing and longstanding promoters and management of NDTV have also resigned as directors from the NDTV board. The Adani group takeover is thus complete. The board also appointed Sudipta Bhattacharya, Sanjay Pugalia and Senthil Chengalvarayan as directors on RRPRH board with immediate effect.
NDTV said in a statement to the stock exchanges that it "has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:
1. Appointment of Mr. Sudipta Bhattacharya , Mr. Sanjay Pugalia, and Mr. Senthil Sinniah Chengalvarayan, as Directors on the Board of RRPRH, with immediate effect; and 2. Resignation of Dr. Prannoy Roy and Mrs. Radhika Roy as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022."
It may be noted that NDTV's promoter firm RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of NDTV by the Adani group. VCPL is an indirect subsidiary of Adani Enterprises.
The transfer of shares will give the Adani group control over a 29.18 per cent stake in NDTV. The diversified conglomerate is also conducting an open offer for another 26 per cent stake in the media firm. The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 per cent of the issue size of 16.7 million shares, so far, the exchange data showed. The open offer was approved by the Securities and Exchange Board of India earlier this month and will close on December 5.
With IANS inputs