: NDTV asks SEBI to clarify if Adani Group acquisition is valid #IndiaNEWS NDTV wrote to the Securities and Exchange Board of India on Sunday, asking the markets regulator to determine if its 2020 order

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NDTV asks SEBI to clarify if Adani Group acquisition is valid #IndiaNEWS
NDTV wrote to the Securities and Exchange Board of India on Sunday, asking the markets regulator to determine if its 2020 order barring the media group’s promoters from making any deals in the securities market restricts the Adani Group from acquiring its shares.On Tuesday, Adani Enterprises, led by billionaire Gautam Adani, had announced it will acquire 29.18% stake in NDTV through its subsidiary company Vishvapradhan Commercial Private Limited. This stake is held by NDTV co-founders Radhika Roy and Prannoy Roy through promoter company, Radhika Roy Prannoy Roy Private Limited.On November 27, 2020, the Securities and Exchange Board of India, or SEBI, had passed an order restraining the Roys from accessing the securities market till November 26, 2022. On Thursday, NDTV had cited this order to claim that the markets regulator needed to approve the acquisition of the 29.18% stake by the Adani Group. The Adani Group, however, argued that the NDTV co-founders’ arguments were “baseless and legally untenable�.In a regulatory filing to the exchanges on Monday, NDTV informed its shareholders that it has asked SEBI to clarify on the matter. Vishvapradhan Commercial Private Limited has also been informed about NDTV’s letter to SEBI, the media group said.Adani Group’s acquisition of NDTV stakeOn Tuesday, AMG Media Networks Limited, a wholly-owned subsidiary...Read more

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