Adani - NDTV takeover

NDTV’s Prannoy, Radhika Roy resigned as directors of promoter group

On Tuesday, New Delhi Television Ltd (NDTV.NS) said former founders Radhika Roy and Prannoy Roy had resigned as directors on the board of the promoter group vehicle RRPR Holding Private Ltd.

Adani - NDTV takeover

The decision comes a day after NDTV said an entity backed by the founders had issued shares to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a further close to acquiring the media firm.

Founded in 1988 and owned by husband-and-wife team Prannoy Roy and Radhika Roy, NDTV had stated earlier that the takeover move “was executed without any input from, conversation with, or consent of the NDTV founders”.

NDTV said in a regulatory filing that the promoter group vehicle, which holds 29.2% and is the biggest shareholder of NDTV, gave approval to the appointment of Sudipta Bhattacharya, Senthil Sinniah Chengalvarayan, Sanjay Pugalia as new directors on its board.