Radhika Roy, Prannoy Roy resign as directors with NDTV acquisition by Adani Group | News Bharat

NDTV founders Radhika Roy and Prannoy Roy (RRPR) have resigned as directors of promoter group RRPR Holding Private Limited as Adani Group nears acquisition of the TV channel. The Roys still hold a 32.26% stake in NDTV as promoters and have not resigned from the news channel’s board. In the establishment, Prannoy Roy is the chairman of NDTV and Radhika Roy is the executive director.

According to a stock exchange filing, New Delhi Television Ltd said the two have resigned as directors on the board of RRPR Holding Private Limited (RRPRH) with immediate effect.

RRPR is the promoter of NDTV. He 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.

According to reports, 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.

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 discussion 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.

According to the documents, NDTV has been informed by the company Promoter Group RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held has approved: the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors of the Board of RRPRH, with immediate effect; and the resignation of Prannoy Roy and Radhika Roy as Directors on the Board of RRPRH, effective as of the close of business on November 29, 2022.

With information from PTI

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