NDTV founders, Prannoy Roy and Radhika Roy, resign from board after Gautam Adani takes control
December 31, 2022: NDTV Founders, Prannoy Roy and Radhika Roy, had resigned as directors after billionaire and successful entrepreneur Gautam Adani‘s group took majority control (64.71%) of the media company, New Delhi Television Ltd said in a stock exchange filing.
Along with the Prannoy Roy and Radhika Roy, four other independent directors also resigned, effective December 30, NDTV said on Friday
NDTV said on Friday that along with the Roy family, four other independent directors have also resigned, effective December 30.
The Adani Group on Friday acquired full control of NDTV after it acquired the majority stake of founders Prannoy Roy and Radhika Roy at a premium of about 17% over the rate paid to the NDTV’s minority shareholders.
Adani Enterprises Limited, through subsidiaries RRPR Holding and Vishwapradhan Commercial, now owns 64.71% of NDTV. According to the statement, the Roy family will continue to hold 2.5 per cent stake in NDTV.
Further, the former promoters of the news broadcaster have asked for re-categorisation from ‘promoter’ to ‘public’ category of 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, request the Company to re-categorize my shareholding in the Company from ‘Promoter’ to ‘Public’ category. I currently hold only 2.5% of the equity share capital of the Company.
I do not So am I involved 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 way,” he told the company’s board. Said in his letter to
The acquisition of NDTV by Gautam Adani, the world’s third-richest man, will pit him directly against Indian billionaire and entrepreneur Mukesh Ambani, who has also expanded his media empire.
In a separate statement, Gautam Adani said, “The Adani Group is privileged to further develop NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organization.”
The statement said the Adani Group will “invest and strengthen NDTV Newsroom as a multi-faceted multi-media digital platform.”
The other directors who have resigned are Darius Taraporvala, independent directors Kaushik Dutta, Indrani Roy and John Martin O’Lone.
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