With effect from November 29, Prannoy Roy and his wife Radhika Roy, the creators and promoters of the television network New Delhi Television (NDTV), have resigned from their positions as Directors on the board of RRPR Holding Private Limited, the firm announced in a regulatory filing on Tuesday.
The NDTV promoter group vehicle, RRPR Holding, owns a 29.18% share in the network, which is being acquired by the Gautam Adani-owned Adani group name, NIE reported.
In a letter on Tuesday, NDTV told the Bombay Stock Exchange, "NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:
1. Appointment of Mr Sudipta Bhattacharya (DIN: 0006817333), Mr Sanjay Pugalia (DIN: 0008360398), and Mr Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and
2. Resignation of Dr Prannoy Roy (DIN: 00025576) and Mrs Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022."
In August of this year, RRPR Holding Private Limited, a promoter group company of NDTV, exercised its rights and sold 99.5% of its equity shares to Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), which is a 100% subsidiary of Adani Enterprises Limited (AEL).
Following this, the Adani Group made the decision to launch an open offer to purchase the remaining 26% state holding in NDTV, bringing its overall investment in the company to 55.18%—sufficient to gain ownership of NDTV.