NDTV says Prannay and Radhika not consulted or consent taken by VCPL before issuing notice of takeover of The company !
The number one billionaire of the country having left Mukesh Ambani behind Adani has surprised one and all creating furore in the media circles, especially when news arrived that he’ s going to be the new owner of NDTV owned by senior journalist Pranay and Radhika Roy ( husband n wife) for decades. The social media is full of surprises and shocks with NDTV supporters n well wishers expressing their anguish over its takeover by an industrialist from renowned journalists who’ve till now kept the flag of true journalism flying high despite several odds and challenges.
According to the latest news of NDTV , the owners of the company Prannoy Ray and his wife Radhika without their consent or any discussion were served a notice by Vishwapradhan Commercial Private limited ( VCPL) stating that it has acquired the control of RRPR Holding private limited which holds 29.18 % shares of NDTV.
According to the VCPL, which is a wholly owned subsidiary of AMG Media Networks Limited, owned by Adani Enterprises, it has given two days time to transfer all its equity shares to it and further states that VCPL has exercised its rights based on a loan agreement in entered with NDTV founders Radhika and Prannoy Roy in 2009, 10.
However contesting the claim of VCPL, NDTV says that the founders and the company would like to make it catagorically clear that this exercise of rights by VCPL was executed without any input from, conversion with, or consent of the NDTV founders who like NDTV have been made aware of this exercise of rights only today. NDTV further says that it had yesterday informed the stock exchanges that there was no change in the shareholding of its founders nor had it ever compromised on the heart of its operations – its journalism. NDTV reiterates that they continue to stand by that journalism.
Kindly recall that NDTV has a massive viewership all over the country and abroad. It was established in 1988 and it came out as a 24×7 news channel originally in English in the year 1998 founded by senior journalist Prannoy Roy and Radhika.
NDTV is the English n Hindi News channel and NDTV Profit as well. The hindi news channel particularly, is very popular with a different audience wanting to see news and views with sound critical evaluation. Ravish Kumar who manages the Hindi news channel of NDTV carries behind him a vast following in crores and is loved for his interesting debates and dashing views especially confronting the power that be.
In 2017 there had been CBI raids on NDTV premises and the residences of Prannoy Roy n Radhika for default of loans and money laundering etc the accusations strongly denied by Prannoy n Radhika blaming the BJP led NDA govt of witch hunt for not compromising on truth and transparent news n developments. Prannoy had then said : We adhere to the highest levels of integrity and independence with fearlessness.
There had been lot of retrenchment in its staff and since then the company is running with squeezed finances etc. However, according to sources the annual turnover of NDTV has increased by 11% in the fiscal year till March 2022 to Rs 396.4 crores . The expenses also rose by 3% to 327. 13 crores as compared to the previous year’s Rs 317.59 crores, simultaneously. Earlier through a press release issued by Adani Enterprises on Tuesday it was announced that the VCPL, a wholly owned subsidiary of AMG Media Networks Ltd has exercised the rights to acquire 99.5% of the equity shares of RRPR Holding private limited, a promotor Group Company of NDTV owned by Radhika and Prannoy Roy. It will trigger an open offer to acquire up to 26% stake in NDTV in terms of SEBI’S takeover Regulations. NDTV has three national channels and strong media, platform said the press release further adding that AMNL is 100% subsidiary of Adani Enterprises Ltd. Senior journalist earlier with AAJ TAK and financial channels later on Sanjay Pugalia is the CEO of AMG Media Limited who said that this acquisition is a significant milestone in the journey of AMNL’s goal to pave the path new age media across platforms. We look forward to strengthening NDTV’s leadership to news delivery said Pugalia.
