NDTV says stake sale to Adani needs nod from tax authorities

New Delhi Television Ltd said a major stake sale by its founders to Adani group would require clearance from India’s tax authorities, adding another hurdle to the conglomerate’s bid to take control of the popular news network.

The income tax department in 2017 provisionally barred the founders – Prannoy and Radhika Roy – from selling a part of their stake as part of a reassessment of their taxes, NDTV said in an exchange filing late on Wednesday .

NDTV and Adani have locked horns in public after the conglomerate, run by India’s richest man Gautam Adani, last week unveiled plans to control a majority stake in the news network seen as bastion of independent media.