: Adani trying a hostile takeover of NDTV? #IndiaNEWS #Business Ahmedabad (Gujarat), Aug 24 (ANI): Broadcasting company NDTV on August 23 said that the move by an Adani group subsidiary to acquire a

Adani trying a hostile takeover of NDTV? #IndiaNEWS #Business
Ahmedabad (Gujarat), Aug 24 (ANI): Broadcasting company NDTV on August 23 said that the move by an Adani group subsidiary to acquire a 29.18 percent stake in it was made without any “conversation�? or “consent�? and that its founders were made aware of the development only on August 23. In a statement that came soon after Adani Group announced that one of its subsidiaries will indirectly acquire a 29.18 percent stake in NDTV, the founder-promoters of the broadcasting company said that a notice was issued to them without any discussion. “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). This entity owns 29.18 percent of NDTV. It has been given two days to transfer all its equity shares to VCPL,�? the statement said. VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10, it 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,�? the statement said. NDTV has “never compromised�? on the heart of its operations its journalism. “We continue to proudly stand by that journalism�?, it added.

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