Adani Group on Friday refuted New Delhi Television’s (NDTV) assertions that regulatory restrictions prevented the news network’s founders from selling their business shares.
Sought after by the Adani Group, owned by Asia’s richest man Gautam Adani, NDTV claims to be one of the remaining independent voices in India’s polarising media scene. Given that the billionaire allegedly moved without the news channel’s approval, the decision has raised questions about NDTV’s journalistic independence.
On August 25, NDTV attempted to foil Adani’s plans by claiming that the market regulator prohibited its founders, Prannoy and Radhika Roy, from trading shares on the Indian securities market. Therefore, they may not transfer the shares Adani is seeking.
The reasons made by the NDTV founders were “baseless, legally untenable,” according to a statement released by Adani on Friday.
The investment entity of the founders was not subject to any legal constraints, according to the statement, and was “obliged to quickly perform its promise and assign the equity shares” to the conglomerate.
Through a little-known Indian business named Vishvapradhan Commercial Private Ltd (VCPL), Adani is attempting to carry out the transaction. More than ten years ago VPCL granted loans worth ₹400 crores to the founders of NDTV. However, they exchanged the warrants that permitted them to purchase an interest in the media company at any moment.
On August 23, the conglomerate announced that it had acquired VCPL and used those rights.
