Hostile takeover? NDTV says 29% were acquired without discussion, consent, or notice
Adani Group on Tuesday announced the purchase of 29.18% NDTV shares of NDTV controlled by Mukesh Ambani linked firm and made their intention to buy 26% of NDTV shares through an open offer. With this move, Gautam Adani-led Adani Media Ventures Ltd (AMVL) will get control of 55.18% stakes in NDTV. Meanwhile, after Adani Group’s announcement, NDTV came out with a statement that they were not consulted and Mukesh Ambani linked firm Vishvapradhan Commercial Pvt Ltd (VCPL) decided to sell their NDTV shares pledged in 2009 and informed only Prannoy Roy and wife Radhika Roy today only.
Prannoy Roy and Radhika Roy are currently in Cape Town in South Africa. CBI had already registered FIR in 2017 against the husband-wife for siphoning Rs.350 crore from ICICI Bank through a loan and Rs.40 crore was used to buy a mansion in Cape Town. In 2019, CBI filed another FIR for siphoning more than Rs.800 crore by floating more than 35 companies in many tax havens. To date, CBI has not filed chargesheets in these two cases and many feel that Prannoy Roy has cut a deal by selling his shares in NDTV and moving to South Africa.
Many in the industry and other minority shareholders in NDTV believe, that Prannoy Roy has cut a deal with Adani and told a lie that he was not aware of Mukesh Ambani-linked firm VCPL did not consult. In 2009, VCCPL provided around Rs.500 crore to Prannoy Roy’s shell company RRPR Holdings Limited to cover the ICICI bank loan. ICICI Bank loan was taken to cover the loan from IndiaBulls.
Last year, Adani Media Ventures Ltd (AMVL), the media arm under the group’s flagship Adani Enterprises Ltd (AEL), acquired the digital business news platform Quintillion Business Media Pvt Ltd (QBM). It is well known that Adani Group was negotiating to buy NDTV from September 2021 and the deal met a roadblock as Prannoy Roy was seeking a premium of more than Rs.100 crore to settle for the rest of their life in South Africa. In 2017, Spice Jet promoter Ajay Singh also engaged in buying NDTV and left the scene after Prannoy Roy demanded more than Rs.200 crore as a “full and final settlement for life.”
Apart from two CBI cases, NDTV faced probes by Income Tax for tax violations of more than Rs.800 crore. Enforcement Directorate is also probing FEMA violations. Now it s widely believed that Prannoy Roy (73) will buzz off to South Africa after selling the rest of the shares in NDTV.
PGurus Managing Editor Sree Iyer has written a book ‘NDTV Frauds’ in 2017 exposing the tax violations, money laundering, and unethical practices by NDTV.
Sree Iyer recently did videos on the possible deal between Prannoy Roy and Adani Group which will give a safe passage to Prannoy Roy.
PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views
For all the latest updates, download PGurus App.
- Fake cheese found in McDonald’s burgers. CAIT demands probe on McDonald’s fraudulent activities in India - February 23, 2024
- RBI says Paytm handles to migrate seamlessly from PPBL to other banks. Issues guidelines to customers and merchants - February 23, 2024
- CBI raids ex-J&K Governor Satyapal Malik, who alerted bribery attempts - February 22, 2024