NDTV deal: Adanis say no Sebi bar

The Adani group on Friday rejected claims made by New Delhi Television (NDTV) that regulatory curbs restricted the news network’s founders from selling their stakes in the company. Adani Enterprises Ltd (AEL) said in a statement that the NDTV founders’ arguments were “baseless, legally untenable”.

It added that the founders’ investment entity — RRPR Holding Pvt Ltd (RRPRH) — was not part of any regulatory restrictions and was “bound to immediately perform its obligation and allot the equity shares” to the conglomerate. RRPRH has an equity interest of 29.18 per cent in NDTV.

The Adani group is trying to execute the takeover through Vishvapradhan Commercial Private Ltd (VCPL). It gave Rs 400 crore in loans in two tranches to NDTV’s founders in 2009 and 2010.