Adani-ndtv: Adani Group Rejects The Claim Of Sebi Approval For Ndtv’s Share Acquisition, Gave This Argument

Adani Group has rejected Sebi’s claim for acquisition of shares of NDTV. Adani Group has said that the RRPR is not a part of the regulator’s (SEBI) order. Adani Group’s subsidiary VCPL has said that the ban imposed by SEBI on NDTV Group will not hinder the process of taking stake in NDTV.

VCPL has termed the arguments raised by RRPR as “baseless, legally untenable and without merit”, saying that the holding firm is bound to discharge its obligation immediately and allot equity shares. Such warrant is specified in the exercise notice.

In an update to the regulator, Adani Enterprises Limited said that VCPL has received a reply from RRPR on the notice for warrant exercise dated August 23, 2022. This update states that RRPR is not a party to the SEBI order dated 27 November 2020. As per Paragraph 111(b) and 112 of the SEBI Order, the restrictions laid down by the RRPR are not applicable to him.

This update states that RRPR is not a party to the SEBI order dated 27 November 2020. Paragraphs 111 (b) and 112 of the SEBI order do not apply to the restrictions RRPR talks about. It also said that the warrant exercise notice to RRPR was issued on behalf of its subsidiary Vishwapradhan Commercial Private Limited (VCPL) under an earlier contract, which RRPR is obliged to fulfill.

The group has said that discharging the obligations on behalf of RRPR as per the warrant exercise notice will not be in contravention of the SEBI order, as there is no direct or indirect transaction in any of the securities of Prannoy Roy or Radhika Roy.

Earlier, NDTV had said in the information given to the stock exchange that the Securities and Exchange Board of India (SEBI) on November 27, 2020 had prohibited promoters Prannoy and Radhika Roy from buying and selling shares in the securities market. This ban ends on 26 November 2022. “Until the pending appeal proceedings are completed, the proposed acquirer would require SEBI approval for 99.5 per cent of the promoter group’s shares,” the company said.

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