Adani, NDTV founders seek regulatory clarification on stake sale

The Adani group and New Delhi Television (NDTV) said on Monday they had asked the market regulator to check if any regulatory restrictions prohibit the news network’s founders from selling a major stake to the conglomerate.

NDTV and Adani have locked horns in public after the Adani group, run by India’s richest man Gautam Adani, last week unveiled plans to control a majority stake in the popular news network.

Adani has tried to execute the takeover plan by acquiring a little-known Indian company, which gave 4 billion rupees ($50 million) in loans to NDTV’s founders more than a decade ago in exchange for warrants that allowed it to buy a stake in the news group at any time.