BackNDTV promoters seek Sebi clarification on VCPL deal
Sebi in its order dated 27 November 2020 had restrained the NDTV founders from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of two years, ending on 26 November 2022
PremiumNew Delhi Television (NDTV) today said that its promoter group has written to the Securities and Exchange Board of India (Sebi) asking it to clarify whether the regulator's order in 2020 restricts conversion of warrants issued to Vishvapradhan Commercial Pvt Ltd (VCPL) into equity shares.
“NDTV founders Radhika and Prannoy Roy have informed New Delhi Television Limited (“NDTV") that the promoter group vehicle of NDTV, viz. RRPR Holding Private Limited (“RRPRH") has written a letter dated 28 August 2022 to SEBI, asking it to determine whether the SEBI order dated 27 November 2020 restricts conversion of warrants issued to Vishvapradhan Commercial Private Limited (“VCPL") into equity shares of the promoter group vehicle RRPRH," the company said in a regulatory filing.
On 23 August 2022, VCPL in a notice to RRPRH intimated that it was exercising its right to convert warrants issued to it in 2009 into equity shares which would give VCPL the control of 99.5 percent of RRPRH.
SEBI in its order dated 27 November 2020 had restrained the NDTV founders from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of two years, ending on 26 November 2022.
VCPL has also been informed by RRPRH of its letter to SEBI.
Sebi has in internal consultations concluded that there is no bar on RRPR Holding Ltd, a promoter entity of news broadcaster New Delhi Television Ltd (NDTV), from allotting shares to Adani Group, three people with direct knowledge of the regulator’s thinking said, Mint reported.
Indian billionaire Gautam Adani's conglomerate last week said it was seeking to control a majority stake in NDTV.
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