Responding to disclosures by NDTV promoter RRPR Holding Private Limited, the Adani Group has said that the promoter’s contentions are “baseless” and “legally untenable”, and it is bound to “allot equity shares as specified in the warrant exercise notice”.
Trying to resist a takeover of the network by the Adani Group, the RRPR – which holds over 29 percent stake in NDTV and is owned by Radhika Roy and Prannoy Roy – had claimed that a November 2020 order by the Securities and Exchange Board of India restricted them from accessing the security markets for a period of two years. Citing this, the RRPR said, a SEBI approval would be required to convert its 19,90,000 warrants into 19,90,000 equity shares. The two-year period is set to end on November 26, they said.
