Prannoy & Radhika Roy Resigns As Directors Of Promoter Group!

As per the latest development, Prannoy Roy and Radhika Roy, the founders of New Delhi Television Ltd have quit as directors of promoter group vehicle RRPRH, as stated by the company on Tuesday. Notably, businessman Gautam Adani’s company – The Adani Group, has taken over the RRPRH which holds 29.18% shares in NDTV!

The statement reads, “NDTV’s (New Delhi Television Ltd) promoter group vehicle RRPRH has approved Mr. Prannoy Roy and Mrs. Radhika Roy’s resignation following a meeting held on 29th of November. Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan have been approved as new directors on Board.”

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The resignation comes a day after NDTV reported that a unit of the Adani Group had received shares from a company backed by the founders, moving the billionaire Gautam Adani-led conglomerate one step closer to acquiring the media company. Notably, Prannoy Roy and Radhika Roy, who founded NDTV in 1988 and are its owners, had previously stated that the takeover “was executed without any input from, conversation with, or consent of the NDTV founders.”

In August this year, RRPR Holding Private Limited, a promoter group company of NDTV, exercised its rights and sold 99.5% of its equity shares to 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). Following this, the Adani Group made the decision to launch an open offer to purchase the remaining 26% state stake in NDTV, bringing its overall stake in the company to 55.18%—sufficient to acquire ownership of NDTV. Though the Roys have 32% stake in NDTV.  Late in August, the ports-to-energy conglomerate headed by Asia’s richest man Gautam Adani, unveiled plans to buy a majority stake in the well-known news network, which is regarded as a bulwark of independent media.

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