Control of NDTV not transferred to VCPL via loan agreement, says SAT
Against the backdrop of an attempted takeover of NDTV by Adani Media Works, a Securities and Appelate Tribunal (SAT) order of July 20, 2022 assumes significance.
On Wednesday, NDTV’s share price was hovering at Rs 388. The SAT has held that the loan agreement executed by the NDTV promoters with VCPL did not transfer control of NDTV to VCPL either directly or indirectly and, therefore, the findings given by the AO on the issue that the loan agreement is structured in such a way that in fact it transfers control to VCPL indirectly cannot be sustained. The findings in this regard were set aside.