After the reports of the halt of NDTV shares acquisition, the Adani Group issued a statement and rejected NDTV’s assertion that the Security Exchange Board of India (SEBI) approval is necessary to acquire interests in RRPR Private Limited.
On the 26th of August, Friday, Adani Enterprise said, the promoter entity is not a part of the regulator’s order that restrained Mr. Prannoy Roy and Ms. Radhika Roy from accessing the securities market. The Adani’s also termed the contentions raised by RRPR as “baseless, legally untenable and devoid of merit.”
The statement came as a regulatory update, after NDTV media house said, the shareholders who are being investigated by the SEBI for illicit gains and inside trading are prohibited from any security transactions.
Adani Enterprises Ltd said Vishvapradhan Commercial Private Ltd (VCPL) has received a reply on behalf of RRPR to the Warrant Exercise Notice dated August 23, 2022. The Adani Group said, “RRPR is not a party to the SEBI Order dated 27th November 2020. Consequently, the restraints as pointed out by RRPR in paragraphs 111(b) and 112 of the SEBI Order do not apply to RRPR.” In addition, “RRPR is therefore obligated to comply with its contractual obligations,” said Adani Enterprises.
The group also said the performance of obligations by RRPR pursuant to the Warrant Exercise Notice would not result in violation of the Sebi order as “there is no, direct or indirect, dealing in any securities of Prannoy Roy or Radhika Roy.”
On the 24th of August, Wednesday, the Adani Group claimed to have indirectly purchased a 29.18% stake in the broadcasting business by converting warrants held in RRPR Holding in lieu of a 4 billion rupee loan. In addition, the Adani Group also launched an open offer to purchase up to 26% of NDTV stakes.
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