NDTV founders Prannoy Roy and his wife Radhika Roy have resigned as directors of promoter group RRPR Holding Private Limited as the Adani Group nears its takeover of the TV channel.
RRPR, which was acquired by the Adani Group, held a 29.18% stake in the news channel.
The Roys, however, still hold a 32.26 percent stake in NDTV as promoters and have not resigned from the news channel’s board.
In a stock filing late on Tuesday, New Delhi Television Ltd said the two have resigned as directors on the board of RRPR Holding Private Limited (RRPRH) with immediate effect.
Prannoy Roy is the Chairman of NDTV and Radhika Roy is the CEO.
The board of RRPR Holding has approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as directors on its board with immediate effect, NDTV said.
The three have been nominated by the Adani Group, which earlier this week took control of RRPR Holdings.
More than a decade ago, Royce had taken an interest-free loan of over Rs 400 crore from a company that the Adani Group acquired in August. In return, they issued warrants that allowed the company to acquire a 29.18 percent stake in the news group.
RRPR or Radhika Roy Prannoy Roy Holdings Private Limited is the promoter of NDTV. It held a 29.18% stake in the news channel. The conversion of warrants into equity due to default on the loan gave the Adani group almost all of the shares in RRPR Holdings.
Pugalia is the CEO and Editor-in-Chief of Media Initiatives at the Adani Group.
After the acquisition, Adani Group is also conducting an open offer, which is being held between November 22 and December 5, for a 26 percent stake in NDTV.
NDTV has been informed by the Promoter Group RRPR Holding Private Limited (RRPRH) that the Board of Directors in the meeting held today viz. 29 November 2022, has approved: The appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as directors of the Board of Directors of the RRPRH, with immediate effect; and Resignation of Prannoy Roy and Ms. Radhika Roy as Directors of the RRPRH Board, effective as of the close of business on November 29, 2022, the filing said.
(This story has not been edited by Devdiscourse staff and is automatically generated by a syndicated feed.)