New Delhi. A legal battle seems to be brewing between industrialist Gautam Adani’s company and NDTV owner Prannoy Roy and his wife Radhika over the issue of ownership of TV channel ‘NDTV’. Adani Group has said that the order of the stock market regulator SEBI does not apply to RRPR, the parent company of NDTV. Adani Group’s subsidiary VCPL has said that the restrictions imposed by Sebi on NDTV do not bar its share acquisition. In this way, now there is every possibility of going to the court apart from SEBI between both the parties.
Earlier, the stock market was informed by the NDTV management. It was said in this information that on November 27, 2020, the Securities and Exchange Board of India (SEBI) had banned the company’s promoters Roy couple from buying and selling in the stock market. This ban ends on 26 November 2022. It has been said on behalf of the company that till the pending action is not completed, the person who wants to takeover will have to get approval from SEBI to buy 99.5 per cent shares for this. On this, the answer has now been given by the Adani Group.
Adani Group’s subsidiary VCPL has termed the arguments made by RRPR as baseless, legally untenable and without merit. VCPL has said that the holding firm is bound to discharge its responsibility immediately and allot the equity shares. In an update to SEBI, Adani Enterprises Limited has said that it has received a notice from RRPR on August 23. It has claimed that RRPR is not a party to the SEBI order dated 27 November 2020. The restrictions do not apply to him. It has also been said on behalf of Adani that the warrant exercise notice to RRPR was issued under an agreement on behalf of Vishwapradhan Commercial Private Limited. Which has to be completed by RRPR.