The founders of NDTV resigned after the world’s richest man Gautam Adani claimed majority control. Gautam Adani now holds more than 64% stake in NDTV.
Four other independent directors also resigned along with the NDTV founder on Friday. However, the Roys would continue to hold a 2.5% stake each in NDTV, according to a statement.
Adani group reportedly has appointed Sudipta Bhattacharya and Sanjay Pugalia to the RRPR Holding Board. The Roys had announced the selling of an additional 27.26% equity to Adani on 23 December.
“The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform Global news organization”, Adani said in a statement. Adani group would strengthen and invest in the NDTV newsroom to be a multi-faceted multi-media digital platform, the statement added.
Reportedly, the takeover of NDTV began with the acquisition of Vishvapradhan Commercial Private Limited, which had given Rs. 403 crores interest-free loan to RRPR Holding in 2009-10. The company had warranted purchasing a stake in NDTV anytime in lieu. Gautam Adani exercised the warrant in August this year purchasing a 29 per cent stake in the company.
Roys had earlier resigned from RRPR the previous, month but continued to remain on the board for NDTV. Gautam Adani has termed the takeover of the media body as a responsibility.
Earlier Gautam Adani had invited Mr Roy to remain the director of the company after claiming 29 stakes in the RRPR New Delhi Television (NDTV) was founded by Roys in the year 1998.
