NDTV founders, Prannoy and Radhika Roy, resign from board after Gautam Adani takes majority control
New Delhi Television Ltd said in a stock exchange filing, its founders, Prannoy Roy and Radhika Roy, had resigned as directors after billionaire Gautam Adani’s conglomerate took majority control (64.71%) of the media company.
Along with the Roys, four other independent directors also resigned, effective December 30, NDTV said on Friday.
Adani Group on Friday gained full control of NDTV after it acquired most of the stake of founders, Prannoy Roy and Radhika Roy, at a premium of almost 17% over the rate it paid to minority shareholders of the firm.
Adani Enterprises Ltd, through subsidiaries RRPR Holding and Vishvapradhan Commercial, now owns 64.71% of NDTV.
The Roys will continue to hold a 2.5% stake each in NDTV, according to the statement.
Besides, the former promoters of the news broadcaster have asked to be re-classified from ‘Promoter’ to ‘Public’ category shareholders, which was approved by the Board of Directors, subject to the approval of the shareholders of the company, stock exchanges and other necessary approvals.
“I, Prannoy Roy, hereby request the Company to re-classify my shareholding in the Company from ‘Promoter’ to ‘Public’ category. I am currently holding only 2.5% of the equity share capital of the Company. I am neither engaged in the management or day to day affairs of the Company, nor do I have any right to appoint a Director or ability to control the management or policy decisions of the Company in any manner whatsoever,” he said in his letter to the company’s board.
The acquisition of NDTV by Gautam Adani, the world’s third-richest person, will pit him directly against fellow Indian billionaire Mukesh Ambani who has also expanded his media empire.
“The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation,” Adani said in a separate statement.
Adani Group would “strengthen and invest in the NDTV newsroom to be a multi-faceted multi-media digital platform”, the statement added.
The other directors who have resigned are Darius Taraporvala and independent directors Kaushik Dutta, Indrani Roy and John Martin O’Loan.
With inputs from agencies
