Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), resigned as directors on the Board of RRPR Holding Private Limited on Tuesday.
The resignation 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 step closer to taking over the media firm.
RRPR Holding, the promoter group vehicle of NDTV, holds a 29.18% stake in NDTV. As a result, RRPRH has approved Sudipta Bhattacharya, Sanjay Pugalia & Senthil Sinniah Chengalvarayan as new directors on Board with immediate effect.
Sanjay Pugalia & Senthil Sinniah Chengalvarayan; All you need to know:
Sanjay Pugalia is a veteran journalist and is also the editorial director at Quintillion Business Media Ltd., a business and financial news company. Pugalia is the chief executive officer and editor-in-chief of AMG Media. Adani Enterprises inducted the veteran journalist as the CEO and editor-in-chief to lead the Group’s media initiatives in 2021.
Last September, Pugalia, a veteran journalist, stepped down as president of Quint Digital Media Ltd and was appointed by Adani Enterprises as CEO and editor-in-chief to lead the Group’s media-related initiatives.
Pugalia has launched and headed CNBC-Awaaz for 12 years. As news director, Pugalia set up Star News in Hindi and was part of the founding team of AajTak.
Whereas Senthil Chengalvarayan is also a trusted name in India's business journalism. He comes with over 35 years of experience in business news journalism and was the founding editor of CNBC TV18. Chengalvarayan has also been the editor-in-chief of Network 18’s business newsroom.
Earlier in August this year, 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), exercised the rights and acquired 99.5 % of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.
Following this, Adani Group decided to make an open offer to acquire the next 26 % state stake in NDTV, which will take the group's total stake to 55.18 %, enough to take the ownership right of NDTV.
Earlier in October, the Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd.
However, the Roys holds a 32.26 % stake in NDTV.
Recently, Adani Group Chairman Gautam Adani said that he sees the takeover of news broadcaster New Delhi Television Ltd (NDTV) as a "responsibility" rather than a business opportunity.
The self-made billionaire unveiled plans late in August to acquire a majority stake in NDTV, seen as a bastion of independent media.
Adani also said that the media should have the "courage" to support the government when warranted after his hostile takeover bid for NDTV sparked press freedom fears.
