- Friday, April 26, 2024
By: Shubham Ghosh
Prannoy Roy and his wife Radhika Roy, founders of Indian television news channel of New Delhi Television Limited (NDTV), have stepped down as the directors of promoter group RRPR (Radhika Roy Prannoy Roy) Holding Private Limited as the Adani Group neared completion of its takeover.
RRPR, which has been acquired by the business group, held more than 29 per cent stake in the news channel.
The Roys, however, still hold a 32.26 per cent stake in NDTV as promoters and have not quit the board of the news channel, Press Trust of India reported.
In a stock exchange filing late on Tuesday (29), NDTV said the duo have resigned as the directors on the board of RRPR Holding Private Limited (RRPRH) with immediate effect.
Roy, a veteran journalist, is the chairperson of NDTV while his wife is an executive director.
PTI cited NDTV as saying that the board of RRPR Holding approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan as directors on its board with immediate effect.
The three are nominees of the Adani Group which had taken control of RRPR Holdings earlier this week.
More than a decade ago, the Roys had taken an interest-free loan of over Rs 400 crore (£41 million) from a company that the Adani Group acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18 per cent stake in the news group.
Pugalia is the chief executive officer and editor-in-chief of media initiatives at Adani Group.
Post its acquisition, the group is also conducting an open offer running between November 22 and December 5 for a 26 per cent stake in NDTV, the PTI report added.
