NDTV to be fully owned by Adani now

In a joint statement to the stock exchange, New Delhi Television Ltd (NDTV) founders Prannoy Roy and his wife Radhika Roy  on Friday said they will sell their remaining stakes in the organisation to Adani Group. Calling NDTV synonymous with Trust, Credibility, and Independence, the note read, “The AMG Media Network, after the recent Open Offer, is now the single-largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network.We are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organisation of this nature.”

Indicating that they will now fully withdraw from any business or editorial role in the channel, the joint statement said, “We look forward to watching NDTV, and its entire extraordinary team, delivering the next phase of growth, one that India can be proud of.”

Praising the smooth process of the takeover the statement said, “Since the Open Offer was launched, our discussions with Mr. Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness.”

Last month, after Prannoy Roy and Radhika Roy quit as the directors of the NDTV promoter company RRPR Holding Private Limited, Ravish Kumar, Senior Executive Editor at NDTV India, put in his papers  “with immediate effect”. In an interview to a news organisation, Kumar had said Adani had bought NDTV to silence him.

On November 29, Prannoy Roy and Radhika Roy, resigned as directors on the board of RRPR Holdings Private Limited. RRPR, which was founded by the Roys and bears their initials in its name, was acquired by the Adani Group.

on August 23, Gautam Adani-led Adani Group, acquired 29.18 per cent stake in television channel NDTV Ltd, and said it would launch an open offer as required by the Securities and Exchange Board of India (SEBI) to buy another 26 per cent in the company.

On November 22, the Adani Group launched its open offer to acquire an additional 26 per cent stake in NDTV.

Earlier, the Roys have had brushes with the investigating agencies like the Income Tax, the Central Bureau of Investigation (CBI) and the Enforcement Directorate.

In 2019, the CBI had registered another case against NDTV Ltd, its promoters Prannoy Roy, Radhika Roy, former CEO Vikramaditya Chandra, and a few income tax officials on charges of money laundering under the Prevention of Corruption Act, 1988 .