NDTV says Adani needs regulatory nod to buy out its top shareholder – Times of India

Mumbai/Bengaluru: New Delhi Television Limited (ndtv) said on Thursday Adani Group Buying out its largest shareholder requires regulatory approval, as its founders — who own the target firm — have been barred from trading in the securities markets.
millionaire Gautam AdaniThe K group on Tuesday said it is seeking a controlling stake in the news channel. NDTV said the action was “executed without any input, negotiation or consent from the founders of NDTV”.
NDTV founders Radhika and Prannoy Roy took a loan of Rs 400 crore ($50 million) from little-known firm VCPL 10 years ago, and in return issued a warrant allowing VCPL to buy 29.18% of the newsgroup.
Adani Group on Tuesday said it has acquired VCPL and is exercising those rights.
NDTV on Thursday cited a November 2020 decision of the Securities and Exchange Board of India (SEBI) barring Roy from accessing the securities market till November 26, 2022.