In November 2020, SEBI banned its promoters from entering the banking market and prohibited them for two years from buying, selling, or managing securities, directly or indirectly, in a way that affects the banking market.
New Delhi:
To prevent a “hostile” takeover by the Adani Group, NDTV said on Thursday that the Securities and Exchange Board of India (Sebi) wanted to take over 99.5% of the media company’s fund. The previous record of the sale of promoter shares at this time. The company said in a regulatory and stock exchange filing that Sebi’s approval is required because promoters Prana Roy and Radhika Roy are banned from trading in the securities market
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“The proposed buyer [VCPL] seeks SEBI approval to acquire a 99.5% equity interest in the Promoter Group Vehicle [RRPRH] up to 29.18% of the target company’s issued share capital (NDTV) which carries the promoter group vehicles (RRRPH)” says NDTV., “unless prior appeals are concluded.”
Read also – NDTV: 29.18% stake acquired without authorization or notification
In November 2020, SEBI will prohibit its promoters from entering the investment market and buying, selling, or managing securities, directly or indirectly, in a manner related to the banking market, for two years, NDTV said. in a legal statement. Submit…
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NDTV said that if the current appeal process fails, the Adani Group will need prior approval from SEBI to take over 99.5% of the Promoter Group’s stake, which will be awarded to them, and 29.18% for voting rights. RRP. Interests in advertising networks.
Vishvapradhan Commercial Private Limited (VCPL), along with AMG Media Networks and Adani Enterprises, made an open bid for NDTV under the SEBI (Takeover and Acquisition of Substantial Interest) rules of 2011.
VCPL provides information by the Substantial Share Acquisition and Takeover (SEBI) Rules, 2011.
Will NDTV move to block Adani’s ‘system’? He said that SEBI approval is required for Adani Group Arm to acquire RRPR
NDTV reported on Thursday (August 25) that subsidiaries of the Adani group need approval from the Securities and Exchange Board of India (SEBI) to protect the Adani group’s “conflicted” leadership. It acquired a 99.5 percent stake in Radhika Roy Pranav Roy Holding (RRPRH) Private Limited, the company’s promotional vehicle.
The company needs SEBI approval as founders Pranav Roy and Radhika Roy are barred from trading in the stock market, an official statement said.
NDTV reported that SEBI had banned founders Pranoi Roy and Radhika Roy from the stock market on 27 November 2020.
It is also prohibited to directly or indirectly buy, sell or trade securities or join the financial market in any way during the 2 years ending on November 26, 2022.
“If the bidding process is unsuccessful, the construction consultant [VCPL] 29.18. The acquisition of a 99.5% stake in Promotion Group [RRPRH] will require SEBI approval. The promotion [RRPRH] owns % of the share capital of the target company [NDTV],” NDTV said.