Prannoy And Radhika Roy Resign As Directors Of NDTV Promoter Group

NDTV on Tuesday (29 November) said that its founders Prannoy and Radhika Roy had resigned as the directors on the Board of promoter group vehicle RRPR Holding Private Limited (RRPRH).

The resignations comes amid the Adani Group's open offer to acquire 26 per cent additional stake in the company.

NDTV had on Monday said that RRPRH issued shares of the company to Vishvapradhan Commercial Private Limited (VCPL), a unit of Adani Group. Read here.

In a regulatory filing on Tuesday (29 November), NDTV said that it was informed that the RRPRH's board of directors have approved the resignation of Prannoy and Radhika Roy.

Further, the Board has also approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan as directors on the Board of RRPRH, with immediate effect, the company said.

While Sudipta Bhattacharya is the CEO of Adani Group, Sanjay Pugalia is the CEO and Editor in chief of AMG Media Network, and Senthil Sinniah Chengalvarayan is director at Adani group-owned VCPL.

Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a fully-owned subsidiary of Adani Enterprises Limited (AEL), exercised the rights and acquired 99.5 per cent 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 additional 26 per cent state stake in NDTV, which will take the group's total stake to 55.18 per cent, enough to take the ownership right of NDTV.

Also Read: Adani Group Gains Control Over 29.18% Promoter Equity In NDTV As Roys Transfers 99.5% Shares Of RRPR Holdings To VCPL

Also Read: Adani Closes In On NDTV Takeover: Unless Roys Have A Secret Ace Up Their Sleeve, End Game In Sight As SEBI Approves Open Offer