Gautam Adani buys stake of 29.18% in NDTV
Asia’s richest man Gautam Adani’s Adani Group has acquired 29.18% stake in television channel NDTV Ltd. Guatam Adani has also stated that his company could be launched an open offer as required by the Securities and Exchange Board of India (SEBI) to buy another 26 per cent in the company.
Founders: Prannaoy Roy and Radhika Roy
New Delhi Television ltd. is an Indian News (media) company. NDTV is the one of the first news TV channel that launched first 24×7 news channels and life style channel in India.
The Adani Group informed in May that it will acquire 49 per cent in digital news provider BloombergQuint with an intention to further boost its media investment with a television channel under its umbrella. But after noticed by stock exchanges, NDTV clarified the acquisition was processed without any kind of talks or consent of NDTV founders Prannoy Roy and Radhika Roy. They both continue to hold 32.26 per cent in NDTV.
How Adani got controlled without consent?
The Adani Group told to press that its flagship Adani Enterprises Ltd’s subsidiary AMG Media Networks Ltd has bought Vishvapradhan Commercial Pvt Ltd (VCPL) which had given loan about Rs.403.85 crore had to NDTV promoter company RRPR Holding Pvt Ltd. in 2009 and 2010. Prannaoy Roy and Radhika Roy are the owners of RRPR Holding.
Against this interest-free loan, RRPR supplied sanctions to VCPL ennobling it to convert them into a 99.9 per cent stake in RRPR. RRPR owned 29.18 per cent stake in NDTV.
Adani Group controlled VCPL has appointed three directors on its board named Sanjay Pugalia, Senthil Chengalvarayan and Sudipta Bhattacharya. Pugalia is the CEO of AMG Media Networks Ltd.
Is it good move taken by Adani Enterprise?
As we have discussed above Adani Enterprise ltd’s subsidiary AMG media networks might get control over news channel NDTV without any consent of NDTV’s shareholder, public and its promoters. This shows the wrong usage of power in India. Even it might controlled the content to show on NDTV’s programmes in future to brainwash people’s mind and get control over mind and habits on Indian people.
Question & Answer:
Q1. Which company has bought 29.18% stake in news channel media company NDTV?
Ans. AMG Media Networks Ltd (Adani Enterprises’ subsidiary)
Q2. Who are the founders of NDTV?
Ans. Prannaoy Roy and Radhika Roy
Q3. Who is the CEO of AMG Media Networks Ltd.?
Ans. Sanjay Pugalia