Open offer process under takeover code
Adani Group’s open offer to buy 26% shares of NDTV will start on October 17, 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.
These developments literally mean the promoters Prannoy Roy and his wife Radhika Roy holding 32% shares in NDTV is 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 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. The open offer which starts on October 17 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.
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 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 a balance of around Rs.60 or 80 crore and agree to a safe exit to his home in Cape Town, South Africa.
It must be remembered that CBI registered the first case against Prannoy Roy and his wife in June 2017 for ICICI bank fraud and 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 case and ED has also not registered cases, which are clear cases of money laundering. So Prannoy Roy can’t put up a fight further due to these cases and agree to Adani’s safe exit proposals.
In the past 30 years by floating NDTV, Prannoy Roy who swindled more than 1000s of crores of rupees in the garb of journalism has to cut a deal with Adani Group in the end and prefer a safe exit to South Africa. 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 on Amazon.[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.
TV Media = Adani
Telecom = Adani + Reliance
Groceries = Reliance
Clothing = Reliance Trends
Bank = Reliance Bank (licensing is in progress)
Movies = Reliance TV & promoted Channels
Airports = Adani
Rafale fighter jets = Reliance
Hospital chains = Reliance (in business review analysis)
Fuel (fossil & green energy) = Reliance + Adani
Coal = Adani
What is common in all of these – Adani, Reliance, NDTV ? All are corrupt & have support of Babus, Banks & Politicians in the central system. It is this which binds them. What happens is of no public interest. Can only fill more pages in Sree Iyers books.
Corrupt NDTV is changing to corrupt Adani i.e. NDTV + Adani = Reliance
Reliance owns Adani in real terms. Rest is all benami or hogwash in media or on paper. All of them another commonality – being hoarders of politicians black money & dealers of money laudering.
How can one account or reason or explain that an ordinary person amassing so much billions of wealth to be in top 10 of Forbes of rich people in a single generation without sweating a single drop of sweat ? They even reach God in helicopters and land in front of the static God’s statue !! What a turn of modern times in India ? God gives special darshan to all rich yet it takes decades / centuries for a true longing devotee to get a glimpse.
A textbook case of crony capitalism, use of the old-boys net work to gain political clout from both sides of the political divides, pocketing the key Babus, and by keeping on pay roll the near and dears of the politicians and and Babus. But the greed always gets the better due to arrogance to bring down the fall. With the new owners what happens to the entrenched super secular and RSS-BLP hating daily performers. The smart ones have already left, and the remaining, have already toned down of late, still any thing anti-India is being celebrated, be it the covid deaths, down grading of GDP or hunger index.
NDTV has been a good TV channel except for its anti govt stance. Being a communist ideology it’s was at odds with trends in national mood. With change in guards it will flourish like three main news channels.
The Modanified take over in progress.
Upto viewers to watch the new edition .
I hope the professor has said his prayers earlier this month and takes action soon.
“Games over for Parannoy Roy” is an incorrect statement. He has already looted and amassed enough public’s money to have an isharami lifestyle any where in the world. Unless GOI manages to make him cough up all that loot, the chances of that are almost zero, he is the one who will be laughing to his golden grave.