Adani Group claims I-T nod not needed for acquiring NDTV shares

The Adani group believes that there is no restriction by tax authorities on it acquiring a stake in NDTV, a statement that has also been backed by tax experts.

The Adani group has acquired a little-known firm, VCPL, that lent over Rs 403 crore to NDTV’s founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the news group at any time.

Adani has since exercised those rights but NDTV says such conversion is barred by income-tax authorities.