Some bonanza for the long-suffering shareholders of NDTV
Adani Group’s open offer to buy 26% shares of NDTV will start on November 22, which will ultimately lead to the control of 56% of shares of the TV channel in the hands of Gautam Adani’s media firm. Adani Media Ventures Limited already bought 29.18% shares of NDTV from Mukesh Ambani’s linked firm Vishvapradhan Commercial Private Ltd (VCCPL) in the third week of August. For the past seven months, many in the market have speculated about Adani’s move to acquire NDTV and the price of shares rose from Rs.70 to Rs.460 during this period and currently settled at Rs.330.
SEBI clearance delays
Earlier Adani was supposed to start the open offer on October 17. But delayed due to certain clearance from SEBI as the Regulator has not decided on the SAT Judgment against its findings on the 2009 deal of Prannoy Roy with Mukesh Ambani linked firm. Gautam Adani had a meeting with SEBI Chairperson Madhabi Puri Butch.
These developments literally mean the promoters Prannoy Roy and his wife Radhika Roy holding 32% shares in NDTV will be totally sidelined in the Board when Adani gets 56% shares through an open offer. Apart from these developments, Oswal Group which have a 14.17% stake has already in the process of selling its shares to Gautam Adani-linked firms through the Mauritius route. Practically game is over for Prannoy Roy.[1]
JM Financials managing Adani Group’s Open Offer
JM Financials is managing Adani Group’s Open Offer to purchase 26% of NDTV shares. Many senior NDTV staffers have already sold their shares after the price crossed Rs.400 and now the current rate is Rs.352. The Open Offer which starts on November 22 is expected to end in two or three weeks. There are very less windows open in front of the promoter Prannoy Roy who is facing two CBI cases, and huge Income Tax dues of more than Rs.800 crore.
Will the Roys plea their way out of NDTV to South Africa?
Prannoy and his wife have 32% shares in NDTV are valued at around Rs.900 crore as per the current value of shares. With huge Income Tax dues of more than Rs.800 crore and CBI cases on bank fraud and floating shell firms across the globe and anticipated Enforcement Directorate cases, it is well-known fact that Prannoy Roy is expected to agree to a safe exit to his palatial home in South Africa. In nutshell, Prannoy Roy (73) has to satisfy with the balance of around Rs.60 or 80 crore and agree to a safe exit to his home in Cape Town, South Africa.
NDTV and ICICI fraud
It must be remembered that CBI registered the first case against Prannoy Roy and his wife in June 2017 for ICICI bank fraud and for diverting more than Rs.40 crore to South Africa to build a palatial home. In August 2019, CBI registered a second case for floating more than 35 shell firms in many tax havens to divert more than Rs.1000 crore. To date, CBI has not filed charge sheets in both cases and ED has also not registered any case, while they have proof of several instances of money laundering by NDTV. This leaves Prannoy Roy with a Hobson’s choice – agree to Adani’s deal or face jail.
All is not well – Roys should have gone to jail
PGurus Managing Editor Sree Iyer has published a detailed book – NDTV Frauds – on the total frauds committed by Prannoy Roy in the garb of journalism. The book – NDTV Frauds – is available here[2].
Reference:
[1] Game over for Prannoy Roy after Income Tax issues clean chit on Mukesh Ambani linked firm sold its 30% NDTV shares to Adani – Sep 11, 2022, PGurus.com
[2] NDTV Frauds: A classic example of breaking of Law by Indian Media Houses Kindle Edition – Amazon.in
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.
- Prime Minister Narendra Modi: A Gujju businessman who does not invest his precious time for a losing battle - April 13, 2024
- NIA arrests two accused Shazib and Taahaa in Bengaluru’s Rameshwaram Cafe blast case from Kolkata - April 12, 2024
- National Herald scam: Adjudicating Authority upholds Rs.752 crore assets attached by ED - April 11, 2024
Do not know if the safe exit to South Africa is really safe given the crime levels there. The Gupta brothers have had their share of sipping expensive wines. Falling foul of the law in SA is not very pleasant. The safety ensured by living with private security, the whites are still in control of the fancy life and people of color are can go up the social ladder that far and no more.
It is Roys who are having the last laugh, sipping expensive wine in their posh bungalow in South Africa? The joke is on the Indian tax payers.