NDTV founders Radhika Roy and Prannoy Roy (RRPR) have resigned as the directors of promoter group vehicle RRPR Holding Private Limited, as Adani Group neared the takeover of the television channel. The Roys still hold a 32.26 percent stake in NDTV as promoters and have not resigned from the board of the news channel. In the establishment, Prannoy Roy is the chairperson 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. It held a 29.18 per cent stake in the news channel. The conversion of warrants into equity because of non-payment of the loan, gave the Adani group entity almost all shares of 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, Roys had taken an interest-free loan of over Rs 400 crore from a company that Adani group acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18 per cent stake in the newsgroup. Post its acquisition, Adani Group is also conducting an open offer running between November 22 and December 5 for a 26 per cent stake in NDTV.
According to the filings, NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held have approved: the appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan, as directors on the Board of RRPRH, with immediate effect; and the resignation of Prannoy Roy and Radhika Roy as directors on the board of RRPRH, with effect from the close of business hours of November 29, 2022.
With inputs from PTI