Prannoy Roy & Wife Radhika Resign As Directors As Adani Begins NDTV Takeover

New Delhi: As the Adani Group approached taking over the television network, NDTV founders Prannoy Roy and his wife Radhika Roy resigned from their positions as directors of promoter group vehicle RRPR Holding Private Limited.

Adani Group purchased RRPR, which owned a 29.18% share in the news channel.

The Roys, however, continue to serve on the news channel’s board of directors and still own 32.26 percent of NDTV as promoters.

The two have resigned with immediate effect from their positions as directors on the board of RRPR Holding Private Limited (RRPRH), according to a stock exchange filing made late on Tuesday by New Delhi Television Ltd.

Radhika Roy serves as the Executive Director of NDTV, and Prannoy Roy serves as its Chairman.

Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan have been appointed as Directors on the board of RRPR Holding with immediate effect, according to NDTV.

The three are representatives of the Adani Group, which earlier this week took over RRPR Holdings.

The Promoter Group vehicle RRPR Holding Private Limited (RRPRH) has informed NDTV that the Board of Directors approved the following at its meeting held on November 29: Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan’s appointment as Directors on the Board of RRPRH, effective immediately; and Prannoy Roy and Mrs. Radhika Roy’s resignation as Directors on the Board of RRPRH.

WHAT’S THE WHOLE ISSUE ABOUT?

The Roys had received an interest-free loan worth more than Rs 400 crore more than ten years ago from a business that the Adani group bought in August. They gave the firm warrants in return, enabling it to buy a 29.18% interest in the news organisation.

The company that promotes NDTV is known as RRPR or Radhika Roy Prannoy Roy Holdings Private Limited. It owned a stake of 29.18% in the news station. Due to the non-payment of the loan, warrants were converted into equity, which gave the Adani group company approximately all of the shares of RRPR Holdings.

At the Adani Group, Pugalia serves as both the company’s CEO and editor-in-chief of media projects.

Following the acquisition, the Adani Group will also be making an open offer for a 26% stake in NDTV between November 22 and December 5.