NewsBytes
    Hindi
    More
    In the news
    Supreme Court Of India
    Central Bureau Of Investigation (CBI)
    Indian Army
    Indian Railways
    Indian Air Force
    NewsBytes
    Hindi
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Directors Prannoy, Radhika Roy resign from NDTV's promoter company 'RRPR'
    Business

    Directors Prannoy, Radhika Roy resign from NDTV's promoter company 'RRPR'

    Directors Prannoy, Radhika Roy resign from NDTV's promoter company 'RRPR'
    Written by Prateek Talukdar
    Nov 30, 2022, 10:43 am 3 min read
    Directors Prannoy, Radhika Roy resign from NDTV's promoter company 'RRPR'
    Although the couple hasn't stepped down from the board of NDTV, the open offer of Adani Group to acquire NDTV is open till next Monday

    New Delhi Television (NDTV) founders Radhika Roy and Prannoy Roy have resigned as directors of the board of RRPR Holdings Private Limited (RRPRH) with immediate effect, the company said in a regulatory filing late on Tuesday. The couple hasn't stepped down from the NDTV board and Prannoy Roy continues to serve as its chairperson, while Radhika Roy is an executive director.

    Why does this story matter?

    • This comes as Adani Group has launched an open offer to acquire an additional 26% public shareholding in NDTV.
    • The conglomerate indirectly acquired a 29.18% stake in NDTV in August.
    • As per the Securities and Exchange Board of India (SEBI) Regulations, 2011, the acquirer must make an open offer to shareholders of the target company in order to provide them with an exit option.

    Roys indirectly issued shares to Adani

    Named after the couple, RRPRH is a promoter group entity of NDTV. The resignation followed a meeting on Tuesday, after which Sanjay Pugalia, Sudipta Bhattacharya, and Senthil Sinniah Chengalvarayan were appointed as new directors on the board. A day earlier, an entity backed by the Roys reportedly issued shares to a unit of Adani Group, taking the conglomerate a step closer to acquisition.

    Who are the new directors on the board?

    Pugalia, a veteran journalist, is the Chief Executive Officer (CEO) and editor-in-chief of Adani Enterprises Limited (AEL), the conglomerate's media entity. He was the president of Quint Digital Media Limited and the former editor-in-chief of CNBC Awaaz. Chengalvarayan was the founding editor of CNBC TV18 and the former editor-in-chief of Network18's business newsroom. Bhattacharya is Adani Group's Chief Technology Officer (CTO).

    VCPL acquisition triggered Adani's offer

    Vishvapradhan Commercial Private Limited (VCPL), which acquired a 99.5% equity stake in RRPRH in August, is a wholly owned subsidiary of AMG Media Networks Limited (AMNL), which in turn is a 100% subsidiary of AEL. This acquisition triggered Adani Group's open offer, which would take its total stake in NDTV to 55.18%. The Roys hold a 32.26% stake in NDTV.

    How did this come about?

    In 2009 and 2010, VCPL gave RRPRH an interest-free loan of Rs. 403.85 crore in lieu of warrants entitling the former to convert it into a 99.9% stake in RRPRH. To extend the loan, VCPL raised funds from Reliance Strategic Ventures of Mukesh Ambani's Reliance Industries Limited (RIL), which also owns Network18. In August, AMNL bought VCPL for Rs. 113.75 crore.

    Acquisition without discussions, claimed Roys

    The loan hadn't been repaid at the time. In a statement to the stock exchange, NDTV said VCPL served them notices "without any discussions with NDTV or its founder-promoters." VCPL acquiring RRPRH's 99.5% stake in turn gave Adani control of NDTV's 29.18% equity shares held by RRPRH. Lacking the required financial power, the Roys couldn't launch a counteroffer to stop Adani.

    Here's the letter to the bourses

    NDTV's promoter group vehicle RRPRH has approved Prannoy Roy & Radhika Roy's resignation.

    RRPRH has approved Sudipta Bhattacharya, Sanjay Pugalia & Senthil Sinniah Chengalvarayan as directors on Board with immediate effect. pic.twitter.com/ENEu3XDYXE

    — ANI (@ANI) November 29, 2022
    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Prannoy Roy
    Reliance Industries
    Adani Group
    Securities and Exchange Board of India

    Latest

    Kane Williamson hammers his 41st ODI half-century: Key stats Kane Williamson
    Chelsea complete loan signing of Joao Felix: Decoding his stats Joao Felix
    Ashneer Grover is hiring for Third Unicorn; "MERCEDES-SHERCEDES" for employees Ashneer Grover
    Shahid Kapoor's 'Farzi' gets 'farzi' trailer; real trailer date announced OTT releases

    Prannoy Roy

    Prannoy Roy to come out with book on Indian polls India
    SpiceJet owner Ajay Singh to take control of NDTV India
    I-T tribunal indicts Roy, NDTV for money laundering Rs.642 crore India
    Prannoy Roy hid incomes of over Rs. 1,000cr, alleges government Delhi

    Reliance Industries

    Mukesh Ambani-led Reliance Industries is India's most valuable company Mukesh Ambani
    Bihar man arrested for death threat calls to Ambanis Mukesh Ambani
    Adani Group now India's most valued conglomerate; beats Tata Group Gautam Adani
    Reliance buys 79.4% stake in US-based solar energy software company Solar Energy

    Adani Group

    India records highest-ever M&A activity this year at $152bn India
    Gautam Adani is 2022's biggest gainer. What fueled his growth Gautam Adani
    Kerala: Adani's Vizhinjam mega port project stalled as fisherfolk protest Adani Ports
    Adani Group opens offer to buy additional 26% NDTV stake Gautam Adani

    Securities and Exchange Board of India

    SEBI allows converting Vodafone Idea's dues into equity Vodafone Idea
    NSE manipulation case: CBI raids properties linked to Chitra Ramkrishna Central Bureau Of Investigation (CBI)
    Madhabi Puri Buch becomes first woman chairperson of SEBI Government of India
    Probe likely on Himalayan Baba 'guiding' ex-NSE CEO Chitra Ramakrishna National Stock Exchange

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity News Hollywood News Bollywood News UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023