HomeBUSINESSNDTV says Adani Group needs Sebi approval for the deal

NDTV says Adani Group needs Sebi approval for the deal

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BENGALURU: New Delhi Television (NDTV) said that Vishvapradhan Commercial Pvt Ltd (VPCL) along with AMG Media Networks Ltd and Adani Enterprises Ltd will need the stock market regulator’s approval to buy 99.5% interests in its promoter group.

“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% interests in the Promoter Group vehicle, since this would consequently lead to acquisition of voting rights in respect of 29.18% of the issued share capital of the Target Company held by the Promoter Group vehicle,” the company said in a regulatory filing on 25 August.

On Tuesday, Indian billionaire Gautam Adani‘s conglomerate said that it was seeking to control a majority stake in the popular news channel, but NDTV issued a statement shortly after saying the move by the Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders”.

 

 

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