According To NDTV, Adani Needs SEBI Approval To Acquire Promoter Groups' Stake

NDTV announced that the Securities and Exchange Board of India SEBI on November 2020 barred Promoters of the company for two years of trading or buying shares, and any share transfers in connection with the news network's acquisition by the Adani group will require the regulator's approval.

NDTV announced in a statement that unless any appeals pending successfully concluded prior approval from SEBI approval is required to enable Adani to acquire 99.5 percent of the promoter group entity as it would result in the acquisition of voting rights in regard to 29.18 percent owned by RRPR Holdings in the news network.

This past Tuesday Vishvapradhan Commercial Private Limited (VCPL the proposed buyer) together with AMG Media Networks and Adani Enterprises presented an offer for the broadcaster NDTV in accordance with SEBI (SAST) Regulations, 2011. SEBI (SAST) Regulations 2011.

NDTV stated that the Sebi prevented the founders-promoters, Prannoy Roy and Radhika Roy, from entering the market for securities, and also prohibited buying or selling or dealing in securities whether directly or indirectly or being connected with the market for securities in any way at all; for a time period of 2 years, and expires November 26th, 2022.

The details will be given to VCPL the company said. Corporate lawyers have said that NDTV's position is a procedural matter.