Why NDTV shareholders have tendered over 53 lakh shares below market price
Prannoy Roy and Radhika Roy have quit as directors of NDTV promoter group RRPRH.
Prannoy Roy and Radhika Roy have quit as directors of NDTV promoter group vehicle RRPRH with immediate effect while the Adani group inches closer to a takeover of the television network.
Sudipta Bhattacharya, the chief technology officer of Adani group; Sanjay Pugalia, senior journalist and CEO of Adani's AMG Media Network; and journalist Senthil Sinniah Chengalvarayan are taking over as directors of the board, NDTV said in a regulatory filing on Tuesday night.
This came a day after NDTV’s largest shareholder, RRPRH, announced that it had transferred shares constituting 99.5 percent of its equity capital to VCPL – a company which was earlier allowed to buy 29.18 percent of NDTV through a loan agreement and was acquired by Adani. The transfer of shares on Monday came after a two-year ban imposed by SEBI on the Roys in the matter of dealing in securities expired this weekend.
The Roys, however, still hold 32.36 percent shares of NDTV – Prannoy owns 15.94 percent, while Radhika has 16.32 percent.
Subscribe now to unlock the story
Why should I pay for news?
Independent journalism is not possible until you pitch in. We have seen what happens in ad-funded models: Journalism takes a backseat and gets sacrificed at the altar of clicks and TRPs.
Stories like these cost perseverance, time, and resources. Subscribe now to power our journalism.
Disruptor
$90
Annual auto-renew
- checkPaywall stories on both Newslaundry and The News Minute
- checkStronger together merch – Fridge magnets and laptop stickers
- checkPriority access to all meet ups and events, including The Media Rumble
- checkAll subscriber-only interaction – NL Chatbox and monthly editorial call with the team
- closeRSS feed of all paywall podcasts
- closeFour free one-month NL-TNM gift subscriptions
Game Changer
$250
Annual auto-renew
- checkPaywall stories on both Newslaundry and The News Minute
- checkRSS feed of all paywall podcasts
- checkStronger together merch – Fridge magnets, laptop stickers, mug
- checkPriority access to all meet ups and events, including The Media Rumble
- checkAll subscriber-only interaction – NL Chatbox and monthly editorial call with the team
- checkFour free one-month NL-TNM gift subscriptions
Already a subscriber? Login