NDTV founders Prannoy Roy and Radhika Roy have resigned as directors of promoter group vehicle RRPRH with immediate effect, the company said in a regulatory filing.
RRPR Holding, the promoter group vehicle of NDTV, holds 29.18 per cent stake in NDTV, which is being taken over by the Adani group , owned by businessman Gautham Adani.
NDTV (New Delhi Television), founded in 1988 and owned by husband-and-wife team Prannoy Roy and Radhika Roy, had previously said the takeover move “was executed without any input from, conversation with, or consent of the NDTV founders”.
NDTV’s promoter group vehicle RRPRH has approved Prannoy Roy & Radhika Roys’s resignation following a meeting held on November29, the statement read.
“RRPRH approved Sudipta Bhattacharya, Sanjay Pugalia & Senthil Sinniah Chegalvarayan as new directors on Board with immediate effect”, the statement added.
The acquisition was possible as VCPL had given a loan of Rs 403.85 crore to NDTV in 2009. According to the terms of the loan, the company held the right to exercise its warrants and convert the loan amount into equity shares, which it did after being acquired by the Adani Group.
In November, the Adani Group, a ports-to-energy conglomerate, decided to make an open offer to acquire an additional 26% stake in NDTV. This will bring the group’s total stake to 55.18%, enough to allow it to take NDTV’s ownership rights.
The offer opened for subscription on November 22 and will continue till December 5.
NDTV founders resigned as BOD from RRPRH
Radhika and Dr. Prannoy Roy have resigned from NDTV's holding company RRPR's board of directors, effectively immediately. pic.twitter.com/LX7J9QuJDx
— Abhishek Baxi (@baxiabhishek) November 29, 2022
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