Did the road end for Prannoy Roy?
With Income Tax giving clean chit to Mukesh Ambani linked company to acquire more than 29% of NDTV’s shares by Adani Group on September 8 has started the end game of promoter Prannoy Roy, facing CBI, ED, and Income Tax charges. It is learned that Stock Exchange Regulator SEBI also going to clean chit to the Adani Group’s takeover of Mukesh Ambani linked firm Vishvapradhan Commercial Private Ltd’s (VCPL), which is having more than 29% of shares of NDTV. Now Adani Group’s AMG Media Networks has started acquiring 26% of the NDTV shares in Open Offer at the rate of Rs.294.
As per the Open Offer of Rs.294 per share, Adani Group can legally increase its price according to the current market rate (NDTV shares are now traded at Rs.444 on Sept 9 and stock prices are coming down every day 5% after crossing Rs.500 a few days ago). Already many close to Prannoy Roy like Sonia Singh and Suparna Singh and others have already sold their shares at the open market value of more than Rs.3.5 crores like rats jumping out from the sinking ship captained by Prannoy Roy.
“The letter from the Income Tax Authority dated September 7, 2022, states: the prohibition under the above-mentioned orders u/s 281B during the period of their operation is on M/s. RRPR Holding Private Limited for selling or transfer of its shareholding in M/s. New Delhi Television Limited and from creating/ causing any charge thereon only, irrespective of the shareholding pattern of M/s. RRPR Holding Private Limited exercises control thereon and not on the issuance of shares of M/s. RRPR Holding Private Limited,” NDTV said in a regulatory filing.
This simply means the Income Tax Department has said there are no restrictions on RRPR Holding (Prannoy Roy and Wife Radhika Roy’s shell company) acting on VCPL’s decision to convert its share warrants into 99.50 percent equity.
So in nutshell, Gautam Adani’s media wing is going to own more than 55% shares of NDTV. Simply means game over for Prannoy Roy who has 32% shares in NDTV now along with his wife Radhika Roy.
What are the options before Prannoy Roy? Nothing, just to sell his 32% shares and buzz off to his bungalow in Cape Town in South Africa. Mr. and Mrs. Roy is expected to get around Rs.900 crore from the sale of his shares in NDTV. But they have to settle these amounts with their huge Income Tax dues of more than Rs.700 crore and other dues with SEBI. So Mr. and Mrs. Roy have left with little money.
PGurus Managing Editor Sree Iyer wrote a book ‘NDTV Frauds’ in 2017, exposing the looting by Media Barons in the garb of Journalism, which is a best seller on Amazon.[1]
Why do they have to surrender? Earlier Prannoy Roy was seeking a so-called Good Will Amount of Rs.250 crore from all those who wanted to buy NDTV apart from Share Price value. Be it SpiceJet owner Ajay Singh to till Adani. But the Modi government was very clear that Roy should leave with not so much money in hand.
Seems the road ended for Prannoy Roy. He has to agree to the deal offered by Gautam Adani. Otherwise, Prannoy Roy has to face CBI, (which has not yet charge-sheeted 2017 and 2019 FIRs. 2017 FIR is about ICICI Bank Loan fraud and siphoning Rs.40 cr to build a palatial home in Cape Town. 2019 FIR is about floating 35 shell firms in more than 10 tax havens in 2009 to divert more than Rs.1000 crore) and ED.
PGurus Managing Editor Sree Iyer wrote a book ‘NDTV Frauds’ in 2017, exposing the looting by Media Barons in the garb of Journalism, which is a best seller on Amazon.[1]
Reference:
[1] NDTV Frauds: A classic example of breaking of Law by Indian Media Houses Kindle Edition – Amazon.in
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nothing will be gained from this. Roy will setup new media house , like The wire etc. , which will be more vile and anti-national. ndtv viewers will simply switch to his new channel, adani will lose all money.
This means Adani & Reliance inherit the money laundered through tax havens as their own !! Strange are the ways of the world !! There is no difference between Pappu doing it through National Hearld & Young Indians & these Adani & Reliance.
He is still in South Africa drinking beer & whisky.