Prannoy Roy and Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), have resigned as directors on the board of NDTV’s promoter group RRPR Holding Private Limited(RRPRH) amid the Adani Group’s open offer to acquire India’s leading news channel.
“NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved: 1. Appointment of Mr. Sudipta Bhattacharya (DIN: 0006817333), Mr. Sanjay Pugalia (DIN: 0008360398), and Mr. Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and 2)Resignation of Dr. Prannoy Roy (DIN: 00025576) and Mrs. Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022,” read a letter by NDTV to the Bombay Stock Exchange.
According to the BSE website, Prannoy Roy is the Chairperson of NDTV and Radhika Roy is an Executive Director.
The RRPR in RRPR Holding Private Limited is named after the two Roys, Radhika and Pranoy.
The major development comes three months after Gautam Adani-led Adani Group acquired 29.18 per cent stake in television channel NDTV Ltd, and said it would launch an open offer as required by the Securities and Exchange Board of India (SEBI) to buy another 26 per cent in the company.
Last week, on 22 November, the Adani Group launched its open offer, which is to remain open until December 5, 2022.
If the Adani Group manage to get the required 26 per cent stake, the group’s total stake will go up to 55.18 per cent, enabling it to take management control of NDTV.