Prannoy Roy, Radhika Roy resign: New Delhi Television (NDTV) founder and promoter Prannoy Roy and his wife Radhika Roy have resigned from the board of directors of RRPR Holding Pvt Ltd. This is the promoter group of NDTV. The company said this in a regulatory notification to the stock exchanges on Tuesday. NDTV’s promoter group vehicle RRPR Holding holds 29.18 per cent stake in NDTV. Which is being bought by Adani Group owned by businessman Gautam Adani.
Prannoy Roy, Radhika Roy resign Reason:
The statement said that RRPRH, the promoter group vehicle of NDTV, has approved the resign of Prannoy Roy and Radhika Roy after a meeting held on November 29. The RRPRH has appointed Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as new directors on the board with immediate effect, the statement said.
Earlier in August this year, Vishwapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), a 100 percent subsidiary of Adani Enterprises Limited (AEL). Exercised the rights and acquired 99.5 per cent equity shares of RRPR Holding Pvt Ltd, a promoter group company of NDTV.
Following this, the Adani Group decided to make an open offer to acquire another 26 per cent stake in NDTV. Which will take the group’s total stake to 55.18 per cent, which is enough to take over the ownership rights of NDTV.
Earlier in October, Adani Group informed both BSE and NSE exchanges that its indirect subsidiary Vishwapradhan Commercial Private Limited (VCPL) had made an open offer to the public shareholders of New Delhi Television Limited. However, Roy holds 32.26 per cent stake in NDTV.