NDTV Founders & Directors Resign As Adani Group Nears Takeover
NDTV Chairperson Prannoy Roy & its Executive Director Radhika Roy have resigned from their positions. This happened just before the Adani Group’s takeover of NDTV.
As the Adani Group approached taking over the television network, NDTV founders Prannoy Roy and wife Radhika Roy resigned from their positions as directors of promoter group vehicle RRPR Holding Private Limited.
Adani Group purchased RRPR, which owned a 29.18% share in the news station.
The Roys, however, continue to serve on the news channel’s board of directors and still own 32.26 percent of NDTV as promoters.
The two stepped down as directors on the board of RRPR Holding Private Limited (RRPRH) with significant consequences, according to a stock exchange filing made late on Tuesday by New Delhi Television Limited.
Radhika Roy is an Executive Director of NDTV, while Prannoy Roy is the company’s Chairperson.
Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan have been appointed as Directors on the board of RRPR Holding with immediate effect, according to NDTV.
The three are representatives of the Adani Group, which earlier this week took over RRPR Holdings.
Roys obtained a loan worth more than Rs 400 crore more than ten years ago from a business that the Adani group bought in August.
They gave the firm warrants in return, enabling it to buy a 29.18% interest in the news organization.
The company that sponsors NDTV is known as RRPR, or Radhika Roy Prannoy Roy Holdings Private Limited.
It owned a stake of 29.18% in the news station. Due to the non-payment of the loan, warrants were converted into equity, which gave the Adani group organization almost all of the shares of RRPR Holdings.
At the Adani Group, Pugalia serves as both the CEO and editor-in-chief of media activities.
After the acquisition, the Adani Group will also be making an open offer for a 26% stake in NDTV between November 22 and December 5.
The Promoter Group vehicle RRPR Holding Private Limited (RRPRH) informed NDTV that the Board of Directors authorized the appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan as Directors on the Board of RRPRH, effective immediately.
Prannoy Roy and Radhika Roy resigned from their positions as Directors on the Board of RRPRH, effective at the end of business hours on November 29.