NDTV-Adani saga: VCPL had, in a notice to RRPRH on August 23, intimated that it was exercising its rights to convert warrants issued to it in 2009 into equity shares, which would give it control of 99.5 per cent of RRPRH.
While an expert says that SEBI directives override any shareholder agreements, sources aware of the deal say that “NDTV promoters have already given away the rights in 2009 itself, much before the SEBI restrictions came into effect. AMG Media is not asking for transfer of NDTV shares – they are asking for delivery of RRPR Holding shares. Their argument is irrelevant. It is like hiding behind a fig-leaf.”