NDTV has told Adani group that it would need the approval of market regulator SEBI to acquire the 29.18 per cent stake in the media company due to an earlier bar on selling stake held by the current promoters.
“In view of directions in force vide order dated November 27, 2020, of the Securities and Exchange Board of India (SEBI), restraining the Founder-Promoters Dr. Prannoy Roy and Mrs. Radhika Roy from accessing the securities market, and further prohibiting buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner whatsoever for a period of 2 years, which expires on November 26, 2022, unless pending appeal proceedings were to successfully conclude prior, SEBI approval is necessary for the proposed Acquirer to secure 99.5 per cent interests in the Promoter Group vehicle, since this would consequently lead to acquisition of voting rights in respect of 29.18 per cent of the issued share capital of the Target Company held by the Promoter,” NDTV said in a disclosure to the stock exchange.
This comes after Vishvapradhan Commercial Private Limited (proposed acquirer) along with AMG Media Networks Limited and Adani Enterprises Limited said earlier this week that they are acquiring controlling stake in New Delhi Television Limited.
In November 2020, SEBI had barred NDTV promoters Prannoy Roy and Radhika Roy from accessing the securities market for two years for alleged violation of insider trading regulations. The Hindu BusinessLine