New Delhi: Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), resigned as directors on the Board of RRPR Holding Private Limited, a promoter group vehicle of NDTV, the company said in a regulatory filing to the stock exchanges on Tuesday.
RRPR Holding, the promoter group vehicle of NDTV, holds 29.18% stake in NDTV, which is being taken over by the Adani group, owned by businessman Gautam Adani. ‘NDTV’s promoter group vehicle RRPRH has approved Prannoy Roy & Radhika Roy’s resignation following a meeting held on November 29’, the statement read. ‘RRPRH has approved Sudipta Bhattacharya, Sanjay Pugalia & Senthil Sinniah Chengalvarayan as new directors on Board with immediate effect’, the statement added.
Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100% subsidiary of Adani Enterprises Limited (AEL), exercised the rights and acquired 99.5% 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% state stake in NDTV, which will take the group’s total stake to 55.18%, 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. However, the Roys hold a 32.26% stake in NDTV.
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