News Analysis India

Tag: NDTV

  • Ecosystem of journalism is being destroyed: Ravish Kumar

    By Online Desk

    The ecosystem of journalism is being destroyed, said Ravish Kumar after resigning from his post as a senior executive editor at NDTV India. In a long statement on his YouTube channel, Ravish Kumar said the ecosystem of journalism is being destroyed.

    The 47-year-old Ramon Magasaysay award-winning news anchor used to host the popular programmes ‘Prime Time’, ‘Ravish Ki Report’, ‘Hum Log’ and ‘Desh Ki Baat’.

    “Those who are spending lakhs of money on studies to become journalists, they will be forced to work as brokers,” Kumar said.

    “And those who are working as journalists at present, they all have to suffer. Some are feeling exhausted and many are leaving the profession. Many say that apart from being compelled to a job, there is no passion left for being a journalist,” he added.

    Kumar’s resignation came a day after the new NDTV board approved the resignations of founders Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of NDTV.  RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of NDTV by the Adani group.

    The ecosystem of journalism is being destroyed, said Ravish Kumar after resigning from his post as a senior executive editor at NDTV India. In a long statement on his YouTube channel, Ravish Kumar said the ecosystem of journalism is being destroyed.

    The 47-year-old Ramon Magasaysay award-winning news anchor used to host the popular programmes ‘Prime Time’, ‘Ravish Ki Report’, ‘Hum Log’ and ‘Desh Ki Baat’.

    “Those who are spending lakhs of money on studies to become journalists, they will be forced to work as brokers,” Kumar said.

    “And those who are working as journalists at present, they all have to suffer. Some are feeling exhausted and many are leaving the profession. Many say that apart from being compelled to a job, there is no passion left for being a journalist,” he added.

    Kumar’s resignation came a day after the new NDTV board approved the resignations of founders Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of NDTV.  RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of NDTV by the Adani group.

  • Senior journalist Ravish Kumar resigns from NDTV

    By IANS

    NEW DELHI: Senior journalist Ravish Kumar has resigned from his post as senior executive editor at NDTV India, according to reports.

    As per the reports, the news channel is said to have announced his resignation through an internal communication on Wednesday.

    The Ramon Magasaysay award-winning news anchor used to host the popular programmes ‘Prime Time’, ‘Ravish Ki Report’, ‘Hum Log’ and ‘Desh Ki Baat’.

    NDTV said that his resignation came into effect immediately, sources said.

    “Few journalists have impacted people as much as Ravish,” reports quoting the internal communication said.

    The resignation came a day after the new NDTV board approved the resignations of founders Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of NDTV. This meant that the existing and longstanding promoters and management of NDTV has now exited the company.

    The board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on RRPRH board with immediate effect.

    It needs to be mentioned that NDTV’s promoter firm RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of NDTV by the Adani group.

    The transfer of shares will give the Adani group control over a 29.18 per cent stake in NDTV. The diversified conglomerate is also conducting an open offer for another 26 per cent stake in the media firm.

    NEW DELHI: Senior journalist Ravish Kumar has resigned from his post as senior executive editor at NDTV India, according to reports.

    As per the reports, the news channel is said to have announced his resignation through an internal communication on Wednesday.

    The Ramon Magasaysay award-winning news anchor used to host the popular programmes ‘Prime Time’, ‘Ravish Ki Report’, ‘Hum Log’ and ‘Desh Ki Baat’.

    NDTV said that his resignation came into effect immediately, sources said.

    “Few journalists have impacted people as much as Ravish,” reports quoting the internal communication said.

    The resignation came a day after the new NDTV board approved the resignations of founders Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of NDTV. This meant that the existing and longstanding promoters and management of NDTV has now exited the company.

    The board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on RRPRH board with immediate effect.

    It needs to be mentioned that NDTV’s promoter firm RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of NDTV by the Adani group.

    The transfer of shares will give the Adani group control over a 29.18 per cent stake in NDTV. The diversified conglomerate is also conducting an open offer for another 26 per cent stake in the media firm.

  • NDTV co-founder Prannoy Roy, wife resign from board

    By Online Desk

    NEW DELHI: Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), have resigned as Directors on the Board of RRPR Holding Private Limited, with effect from November 29, the company said in a regulatory filing on Tuesday. 

    RRPR Holding, the promoter group vehicle of NDTV, holds 29.18 per cent stake in NDTV, which is being taken over by the Adani group, owned by businessman Gautam Adani.

    In a letter on Tuesday, NDTV told the Bombay Stock Exchange, “NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:

    1. Appointment of Mr Sudipta Bhattacharya (DIN: 0006817333), Mr Sanjay Pugalia (DIN: 0008360398), and Mr Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and2. Resignation of Dr Prannoy Roy (DIN: 00025576) and Mrs Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.”

    Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent subsidiary of Adani Enterprises Limited (AEL), exercised the rights and acquired 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.

    Following this, Adani Group decided to make an open offer to acquire the next 26 per cent state stake in NDTV, which will take the group’s total stake to 55.18 per cent, enough to take the ownership right of NDTV.

    Earlier in October, the Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd.

    Shares of NDTV have rallied following Adani’s interest in the company. However, the Roys hold a 32.26 per cent stake in NDTV. 

    (With inputs from ANI)

    NEW DELHI: Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), have resigned as Directors on the Board of RRPR Holding Private Limited, with effect from November 29, the company said in a regulatory filing on Tuesday. 

    RRPR Holding, the promoter group vehicle of NDTV, holds 29.18 per cent stake in NDTV, which is being taken over by the Adani group, owned by businessman Gautam Adani.

    In a letter on Tuesday, NDTV told the Bombay Stock Exchange, “NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:

    1. Appointment of Mr Sudipta Bhattacharya (DIN: 0006817333), Mr Sanjay Pugalia (DIN: 0008360398), and Mr Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and
    2. Resignation of Dr Prannoy Roy (DIN: 00025576) and Mrs Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.”

    Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent subsidiary of Adani Enterprises Limited (AEL), exercised the rights and acquired 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.

    Following this, Adani Group decided to make an open offer to acquire the next 26 per cent state stake in NDTV, which will take the group’s total stake to 55.18 per cent, enough to take the ownership right of NDTV.

    Earlier in October, the Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd.

    Shares of NDTV have rallied following Adani’s interest in the company. However, the Roys hold a 32.26 per cent stake in NDTV. 

    (With inputs from ANI)

  • Adani group open offer: NDTV delays AGM by a week, now on September 27 

    NEW DELHI: NDTV has deferred its Annual General Meeting (AGM) by a week to September 27 in view of the open offer from the Adani group to acquire a 26 per cent stake in the media company, according to a regulatory filing.

    The New Delhi Television Limited (NDTV)’s AGM was originally scheduled to be held on September 20.

    Last week, the Adani group announced to indirectly acquire 29.18 per cent shareholding in NDTV, and launch an open offer to buy an additional 26 per cent stake.

    “The 34th AGM of NDTV is being moved from September 20, 2022, to September 27, 2022 as a result of the processes required after the Notice and Public Announcement of the Open Offer made by VCPL (an indirect subsidiary of Adani Enterprises Ltd) to our public shareholders for acquiring up to 26 per cent of the Voting Share Capital of the Company,” said Saturday late night filing.

    The AGM shall now be held on September 27, 2022 through Video Conference in accordance with the circulars issued by the Ministry of Corporate Affairs and Securities Exchange Board of India, it added.

    On August 23, the Adani group announced to acquire 29.18 per cent shareholding in NDTV and to launch an open offer to buy an additional 26 per cent stake in the company, which operates three national news channels – English news channel NDTV 24×7, Hindi news channel NDTV India and business news channel NDTV Profit.

    The key element behind the takeover bid is an unpaid loan that NDTV”s promoter entity RRPR Holding Pvt Ltd had availed from Vishvapradhan Commercial Pvt Ltd (VCPL).

    NDTV had taken a loan of Rs 403.85 crore in 2009-10 and against this amount, warrants were issued by RRPR.

    With the warrants, VCPL had the right to convert them into a 99.9 per cent stake in RRPR in case the loan was not repaid.

    The Adani group first acquired VCPL from its new owner and exercised the option to convert unpaid debt into a 29.18 per cent stake in the news channel company.

    The promoters of NDTV had claimed that they were completely unaware of the takeover until Tuesday and that it was done without their consent.

    On August 25, NDTV and RRPR had said market regulator Sebi passed an order on November 27 last year against Prannoy Roy and Radhika Roy, restraining them to access the securities market.

    Hence, prior written approval from the Securities and Exchange Board of India (Sebi) is required for the exercise of the conversion option on the Warrants, the letter had said However, the Adani group rejected NDTV’s assertion the next day, saying the promoter entity is not a part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market.

    Terming the contentions raised by RRPR as “baseless, legally untenable and devoid of merit”, VCPL had said the holding firm is “bound to immediately perform its obligation and allot the equity shares” as specified in the Warrant Exercise Notice.

    VCPL had said RRPR is not a party to the Sebi Order dated 27th November 2020 and the restraints do not apply to it.

    The Warrant Exercise Notice was issued by its subsidiary VCPL under a contract, which is binding on RRPR, it added.

    “RRPR is therefore obligated to comply with its contractual obligations,” Adani Enterprises said.

    NEW DELHI: NDTV has deferred its Annual General Meeting (AGM) by a week to September 27 in view of the open offer from the Adani group to acquire a 26 per cent stake in the media company, according to a regulatory filing.

    The New Delhi Television Limited (NDTV)’s AGM was originally scheduled to be held on September 20.

    Last week, the Adani group announced to indirectly acquire 29.18 per cent shareholding in NDTV, and launch an open offer to buy an additional 26 per cent stake.

    “The 34th AGM of NDTV is being moved from September 20, 2022, to September 27, 2022 as a result of the processes required after the Notice and Public Announcement of the Open Offer made by VCPL (an indirect subsidiary of Adani Enterprises Ltd) to our public shareholders for acquiring up to 26 per cent of the Voting Share Capital of the Company,” said Saturday late night filing.

    The AGM shall now be held on September 27, 2022 through Video Conference in accordance with the circulars issued by the Ministry of Corporate Affairs and Securities Exchange Board of India, it added.

    On August 23, the Adani group announced to acquire 29.18 per cent shareholding in NDTV and to launch an open offer to buy an additional 26 per cent stake in the company, which operates three national news channels – English news channel NDTV 24×7, Hindi news channel NDTV India and business news channel NDTV Profit.

    The key element behind the takeover bid is an unpaid loan that NDTV”s promoter entity RRPR Holding Pvt Ltd had availed from Vishvapradhan Commercial Pvt Ltd (VCPL).

    NDTV had taken a loan of Rs 403.85 crore in 2009-10 and against this amount, warrants were issued by RRPR.

    With the warrants, VCPL had the right to convert them into a 99.9 per cent stake in RRPR in case the loan was not repaid.

    The Adani group first acquired VCPL from its new owner and exercised the option to convert unpaid debt into a 29.18 per cent stake in the news channel company.

    The promoters of NDTV had claimed that they were completely unaware of the takeover until Tuesday and that it was done without their consent.

    On August 25, NDTV and RRPR had said market regulator Sebi passed an order on November 27 last year against Prannoy Roy and Radhika Roy, restraining them to access the securities market.

    Hence, prior written approval from the Securities and Exchange Board of India (Sebi) is required for the exercise of the conversion option on the Warrants, the letter had said However, the Adani group rejected NDTV’s assertion the next day, saying the promoter entity is not a part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market.

    Terming the contentions raised by RRPR as “baseless, legally untenable and devoid of merit”, VCPL had said the holding firm is “bound to immediately perform its obligation and allot the equity shares” as specified in the Warrant Exercise Notice.

    VCPL had said RRPR is not a party to the Sebi Order dated 27th November 2020 and the restraints do not apply to it.

    The Warrant Exercise Notice was issued by its subsidiary VCPL under a contract, which is binding on RRPR, it added.

    “RRPR is therefore obligated to comply with its contractual obligations,” Adani Enterprises said.

  • Adani makes foray into news channel space; set to acquire NDTV 

    By PTI

    NEW DELHI: In a stunning move with the potential to change the media landscape, billionaire Gautam Adani launched a hostile takeover of media giant NDTV, first with an indirect acquisition of a 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake.

    The owners of New Delhi Television Ltd (NDTV), one of the nation’s most popular news channels, said they were completely unaware of the takeover until Tuesday, and that it was done without their consent or any discussion.

    As the richest Indian Gautam Adani’s group looks to boost media investments as part of an ambitious expansion plan, a group firm first acquired a company that in the past was linked to rival billionaire Mukesh Ambani.

    The particular company had loaned Rs 250 crore to NDTV in 2008-09 and the Adani group firm now exercised the option to convert that debt into a 29.18 per cent stake in the news channel company.

    Subsequently, it has launched an open offer for another 26 per cent stake, the group said in a statement. The open offer would be worth Rs 493 crore.

    NDTV said the debt was converted into equity without any input from the founders or the company.

    This will be the ports-to-energy group’s most high-profile bet in the media sector where Ambani already has a sizeable presence through Network18, which runs a bouquet of channels, including news channel CNN-News18 and business channel CNBC-TV18.

    Last year, Adani Media Ventures Ltd (AMVL), the media arm under the group’s flagship Adani Enterprises Ltd (AEL), had acquired the digital business news platform Quintillion Business Media Pvt Ltd (QBM).

    “AMVL’s wholly-owned subsidiary Vishvapradhan Commercial Pvt Ltd (VCPL) holds warrants of RRPR Holding Pvt Ltd (RRPR) entitling it to convert them into a 99.9 per cent stake in RRPR. VCPL has exercised warrants to acquire 99.5 per cent in RRPR,” it said.

    Such acquisition will result in VCPL acquiring control of RRPR.

    “RRPR is a promoter group company of NDTV and holds a 29.18 per cent stake in NDTV,” the statement said.

    VCPL, along with AMG Media Networks Ltd and AEL (persons acting in concert), will launch an open offer to acquire up to 26 per cent stake in NDTV” in compliance with takeover norm. Until Tuesday, NDTV had maintained that its promoters were not in talks to sell their stake in the company.

    “Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV,” it had said.

    They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45 per cent of the total paid-up share capital of NDTV.

    “The Company and its Founders are well aware of the need and obligation to inform exchanges and other regulators if there is to be any change to their holding; if that were the case, they would share any updates first with those authorities, it added.

    Later in an internal communication to its employees, NDTV said: “The developments of today are entirely unexpected for NDTV, and for Radhika and Prannoy”.

    “We are in the process of evaluating the next steps, many of which involve regulatory and legal processes,” it added.

    Later, NDTV in a statement said the exercise of the right by VCPL was executed without any input of the company or its founders.

    “Without any discussion with NDTV or its founder-promoters, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it (VCPL) has exercised its rights to acquire 99.50 per cent control of RRPR Holding Private Limited (RRPRH), the promoter-owned Company that owns 29.18 per cent of NDTV,” it said.

    The statement went on to state that “this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today.”

    “RRPRH, which owns 29.18% of NDTV, has been told to transfer within two days all its equity shares to VCPL,” it said.

    NDTV operates three national news channels – English news channel NDTV 24×7, Hindi news channel NDTV India and business news channel NDTV Profit.

    It also has a strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.

    Earlier on Tuesday, Adani said it bought VCPL for Rs 114 crore.

    Incorporated in 2008, VCPL was initially linked to Ambani’s group but its ownership was transferred to a firm run by an associate with links to Delhi-based Nahata Group in 2012.

    Ambani’s Jio had bought Nahata group’s Infotel Broadband in 2010 to re-enter the telecom business.

    VCPL along with Adani Media Networks Ltd and Adani Enterprises Ltd has made the open offer at a price of Rs 294 each for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV.

    NDTV’s share price, which has risen more than 300 per cent so far this year, closed at Rs 366.20 apiece on BSE on Tuesday.

    The open offer price is 19.71 per cent lower than the closing price on Tuesday.

    NDTV had a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore in FY22 (April 2021 to March 2022) with negligible debt.

    Adani group had been eyeing entry into the media space for the past few months.

    In September last year, it hired veteran journalist Sanjay Pugalia to lead its media company, Adani Media Ventures.

    Pugalia previously was the president of Quint Digital Media, the parent company of QBM.

    “This (NDTV) acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” Sanjay Pugalia, CEO of AMG Media Networks Ltd (AMNL), said.

    NEW DELHI: In a stunning move with the potential to change the media landscape, billionaire Gautam Adani launched a hostile takeover of media giant NDTV, first with an indirect acquisition of a 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake.

    The owners of New Delhi Television Ltd (NDTV), one of the nation’s most popular news channels, said they were completely unaware of the takeover until Tuesday, and that it was done without their consent or any discussion.

    As the richest Indian Gautam Adani’s group looks to boost media investments as part of an ambitious expansion plan, a group firm first acquired a company that in the past was linked to rival billionaire Mukesh Ambani.

    The particular company had loaned Rs 250 crore to NDTV in 2008-09 and the Adani group firm now exercised the option to convert that debt into a 29.18 per cent stake in the news channel company.

    Subsequently, it has launched an open offer for another 26 per cent stake, the group said in a statement. The open offer would be worth Rs 493 crore.

    NDTV said the debt was converted into equity without any input from the founders or the company.

    This will be the ports-to-energy group’s most high-profile bet in the media sector where Ambani already has a sizeable presence through Network18, which runs a bouquet of channels, including news channel CNN-News18 and business channel CNBC-TV18.

    Last year, Adani Media Ventures Ltd (AMVL), the media arm under the group’s flagship Adani Enterprises Ltd (AEL), had acquired the digital business news platform Quintillion Business Media Pvt Ltd (QBM).

    “AMVL’s wholly-owned subsidiary Vishvapradhan Commercial Pvt Ltd (VCPL) holds warrants of RRPR Holding Pvt Ltd (RRPR) entitling it to convert them into a 99.9 per cent stake in RRPR. VCPL has exercised warrants to acquire 99.5 per cent in RRPR,” it said.

    Such acquisition will result in VCPL acquiring control of RRPR.

    “RRPR is a promoter group company of NDTV and holds a 29.18 per cent stake in NDTV,” the statement said.

    VCPL, along with AMG Media Networks Ltd and AEL (persons acting in concert), will launch an open offer to acquire up to 26 per cent stake in NDTV” in compliance with takeover norm. Until Tuesday, NDTV had maintained that its promoters were not in talks to sell their stake in the company.

    “Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV,” it had said.

    They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45 per cent of the total paid-up share capital of NDTV.

    “The Company and its Founders are well aware of the need and obligation to inform exchanges and other regulators if there is to be any change to their holding; if that were the case, they would share any updates first with those authorities, it added.

    Later in an internal communication to its employees, NDTV said: “The developments of today are entirely unexpected for NDTV, and for Radhika and Prannoy”.

    “We are in the process of evaluating the next steps, many of which involve regulatory and legal processes,” it added.

    Later, NDTV in a statement said the exercise of the right by VCPL was executed without any input of the company or its founders.

    “Without any discussion with NDTV or its founder-promoters, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it (VCPL) has exercised its rights to acquire 99.50 per cent control of RRPR Holding Private Limited (RRPRH), the promoter-owned Company that owns 29.18 per cent of NDTV,” it said.

    The statement went on to state that “this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today.”

    “RRPRH, which owns 29.18% of NDTV, has been told to transfer within two days all its equity shares to VCPL,” it said.

    NDTV operates three national news channels – English news channel NDTV 24×7, Hindi news channel NDTV India and business news channel NDTV Profit.

    It also has a strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.

    Earlier on Tuesday, Adani said it bought VCPL for Rs 114 crore.

    Incorporated in 2008, VCPL was initially linked to Ambani’s group but its ownership was transferred to a firm run by an associate with links to Delhi-based Nahata Group in 2012.

    Ambani’s Jio had bought Nahata group’s Infotel Broadband in 2010 to re-enter the telecom business.

    VCPL along with Adani Media Networks Ltd and Adani Enterprises Ltd has made the open offer at a price of Rs 294 each for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV.

    NDTV’s share price, which has risen more than 300 per cent so far this year, closed at Rs 366.20 apiece on BSE on Tuesday.

    The open offer price is 19.71 per cent lower than the closing price on Tuesday.

    NDTV had a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore in FY22 (April 2021 to March 2022) with negligible debt.

    Adani group had been eyeing entry into the media space for the past few months.

    In September last year, it hired veteran journalist Sanjay Pugalia to lead its media company, Adani Media Ventures.

    Pugalia previously was the president of Quint Digital Media, the parent company of QBM.

    “This (NDTV) acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” Sanjay Pugalia, CEO of AMG Media Networks Ltd (AMNL), said.

  • Hear NDTV promoters’ appeals without insisting on deposit of Sebi’s fine, SC tells SAT

    By PTI
    NEW DELHI: In a relief to NDTV promoters Prannoy Roy and Radhika Roy, the Supreme Court Monday directed Securities Appellate Tribunal (SAT) not to insist on deposit of half the amount of fines as a pre-condition for hearing their appeals against the orders of markets regulator Sebi.

    The NDTV promoters have challenged theT order directing them to deposit 50 per cent of the alleged unlawful gains which the Securities and Exchange Board of India (Sebi) found to have been made by them.

    A bench headed by Chief Justice S A Bobde said the appeals of the Roys will be be heard by theT without insisting on deposit.

     “Appeals are to be heard on March 4. No amount shall be recovered coercively in absence of any deposit for hearing the appeals. The order shall not be treated as precedent,” said the bench which also comprised Justices A S Bopanna and V Ramasubramanian.

    In the proceedings conducted through video conferencing, the bench was informed by Solicitor General Tushar Mehta that the deposit of money is a condition precedent for grant of stay on the direction of Sebi.

    “I am not saying it’s pre-deposit (condition). They will attach my house,” said senior advocate Mukul Rohatgi, appearing for the promoters.

    “No amount shall be coercively recovered from the appellant for hearing the case. This order shall not be a precedent,” the bench said.

    Earlier, the bench had asked the NDTV promoters to give a statement on shares indicating the current market value which they would like to deposit as security with market regulator Sebi under the order of theT.

    The Roys had told the apex court they were willing to give undertakings that their shares in NDTV will not be transferred.

    The court had taken note of the submission of Rohatgi that the promoters were willing to provide a statement of shares and their current market value.

    Rohatgi had said the promoters are willing to give an undertaking that shares which they hold in NDTV will not be transferred.

    “We don’t have any other money. We are a struggling news channel. We are badly hit,” the senior lawyer said. You have to give some security. How much is the value of share,” the bench had asked. The value of each share is Rs 37 and we have 50 lakh share, the lawyer replied and undertook to file the affidavit.

    TheT had directed the NDTV promoters to deposit 50 per cent of the disgorged amount before Sebi which had imposed a penalty on them for alleged violation of various securities norms by concealing information from shareholders regarding certain loan agreements.

    While hearing their appeal against Sebi,T had further said that if NDTV were to deposit the amount, the balance would not be recovered during the pendency of the appeal before it.

    In two separate orders passed on January 4, the tribunal had noted that the appeals filed by the Roy couple needed consideration and directed the appeals to be listed before the tribunal for final disposal on February 10, 2021.

    This had come following appeals filed by the couple against a Sebi order passed in November last year, whereby the markets regulator had barred them from the securities market for two years and also directed them to disgorge illegal gains of Rs 16.97 crore for indulging in insider trading more than 12 years ago.

    However, the charges were denied by the company.

    Sebi had noted that the duo together made the gains by indulging in insider trading in the shares of New Delhi Television Ltd (NDTV) while in possession of UPSI relating to the proposed reorganization of the company.

    Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director during the period under investigation and were part of the decision making chain that had led to crystallization of the UPSI.

    Discussions pertaining to reorganisation of the company started on September 7, 2007 and the disclosure was made on April 16, 2008.

    Hence, September 7, 2007 to April 16, 2008 was unpublished price sensitive information (UPSI) period.

    The couple sold shares on April 17, 2008, when the trading window for them was closed and made a profit of Rs 16.97 crore, as per the Sebi order.

    By doing so, they violated Prohibition of Insider Trading (PIT) norms and also acted in contravention of NDTV’s code of conduct for prevention of insider trading which prohibited them from trading at least till 24 hours after the information was disclosed to the stock exchanges, it added.

  • SC asks promoters Prannoy, Radhika to apprise it of shares they hold in NDTV

    By PTI
    NEW DELHI: The Supreme Court Thursday asked NDTV promoters Prannoy Roy and Radhika Roy to apprise it of the shares they hold in the company and their value by Friday.

    The promoters told the apex court that they were willing to give undertakings that their shares in NDTV will not be transferred.

    They have challenged the order directing them to deposit 50 per cent of the alleged unlawful gains which markets regulator Sebi found to have been made by them.

    The Securities Appellate Tribunal (SAT) had directed the NDTV promoters to deposit 50 per cent of the disgorged amount before Sebi which had imposed a penalty on them for alleged violation of various securities norms by concealing information from shareholders regarding certain loan agreements.

    While hearing their appeal against Sebi, SAT had further said that if NDTV were to deposit the amount, the balance would not be recovered during the pendency of the appeal before it.

    A bench headed by Chief Justice S A Bobde took note of the submission of senior advocate Mukul Rohatgi, appearing for the promoters, that they were willing to provide a statement of shares which will not be transferred by them to any other person.

    On being told that the affidavit can be filed by Friday, the bench, which also comprised Justices A S Bopanna and V Ramasubramanian, fixed the pleas for hearing on Monday.

    In the proceedings conducted through video conferencing, it asked the counsel for Roys as to how much security they were willing give.

    Rohatgi said the promoters are willing to give an undertaking that shares which they hold in NDTV will not be transferred.

    “We don’t have any other money. We are a struggling news channel. We are badly hit,” the senior lawyer said.

    “You have to give some security. How much is the value of share,” the bench asked.

    The value of each share is Rs 37 and we have 50 lakh share, the lawyer replied and undertook to file the affidavit by Friday.

    In two separate orders passed on January 4, the tribunal had noted that the appeals filed by the Roy couple needed consideration and directed the appeals to be listed before the tribunal for final disposal on February 10, 2021.

    This had come following appeals filed by the couple against a Sebi order passed in November last year, whereby the markets regulator had barred them from the securities market for two years and also directed them to disgorge illegal gains of Rs 16.97 crore for indulging in insider trading more than 12 years ago.

    However, the charges were denied by the company.

    Sebi had noted that the duo together made the gains by indulging in insider trading in the shares of New Delhi Television Ltd (NDTV) while in possession of UPSI relating to the proposed reorganization of the company.

    Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director during the period under investigation and were part of the decision making chain that had led to crystallization of the UPSI.

    Discussions pertaining to reorganisation of the company started on September 7, 2007 and the disclosure was made on April 16, 2008.

    Hence, September 7, 2007 to April 16, 2008 was unpublished price sensitive information (UPSI) period.

    The couple sold shares on April 17, 2008, when the trading window for them was closed and made a profit of Rs 16.97 crore, as per the Sebi order.

    By doing so, they violated Prohibition of Insider Trading (PIT) norms and also acted in contravention of NDTV’s code of conduct for prevention of insider trading which prohibited them from trading at least till 24 hours after the information was disclosed to the stock exchanges, it added.