NEW DELHI: Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), have resigned as Directors on the Board of RRPR Holding Private Limited, with effect from November 29, the company said in a regulatory filing on Tuesday.
RRPR Holding, the promoter group vehicle of NDTV, holds 29.18 per cent stake in NDTV, which is being taken over by the Adani group, owned by businessman Gautam Adani.
In a letter on Tuesday, NDTV told the Bombay Stock Exchange, “NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:
1. Appointment of Mr Sudipta Bhattacharya (DIN: 0006817333), Mr Sanjay Pugalia (DIN: 0008360398), and Mr Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and
2. Resignation of Dr Prannoy Roy (DIN: 00025576) and Mrs Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.”
Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent 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 next 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.
Earlier in October, the Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd.
Shares of NDTV have rallied following Adani’s interest in the company. However, the Roys hold a 32.26 per cent stake in NDTV.
