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As per the November 27 2020 SEBI order, the Roys have been restrained from "accessing the securities market, and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with securities market in any manner whatsoever; for a period of 2 years, which expires on November 26, 2022.” ....
NDTV had informed the stock exchanges that RRPR Holdings Ltd, which owns 29.18% of the broadcaster, has been told to transfer within two days all its equity shares to VCPL ....
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.” ....
On Tuesday, Adani Enterprises announced it will acquire 29.18% stake in the media group through its subsidiary Vishvapradhan Commercial Private Limited. ....
Now it’s becoming clearer why the NDTV is taken over by the Adani group. It appears to be a hostile act by the Adani Group where the NDTV was not consulted before the takeover. ....