HomeNational NewsWell-known journalist Ravish Kumar resigns from NDTV, is the top trend on...

Well-known journalist Ravish Kumar resigns from NDTV, is the top trend on Twitter

Ravish Kumar Resigns: Well-known journalist Ravish Kumar has resigned from NDTV on Wednesday (30 November). Since then, he is continuously trending on Twitter. On the previous day, NDTV founder Prannoy Roy and his wife Radhika Roy resigned as directors of RRPR Holding Pvt Ltd, a unit of the promoter group. Actually, Adani Group has now reached close to the acquisition of this news channel.

Amidst this development, the Roy couple resigned as directors of RRPR Holding. At the same time, Ravish Kumar has also left the channel. Adani Group had acquired RRPR. RRPR holds 29.18 per cent stake in NDTV. However, the Roys still hold 32.26 per cent stake in NDTV as promoters and have not resigned from the news channel’s board of directors.

Prannoy Roy is the chairperson of NDTV and Radhika Roy is the executive director. In a communication sent to the stock exchanges on Tuesday, NDTV said that Prannoy and Radhika Roy have resigned from the board of directors of RRPR Holding Pvt Ltd (RRPRH) with immediate effect. NDTV said that the board of directors of RRPR Holding has approved the appointment of Sudipta Bhattacharya, Sanjay Puglia and Senthil Sinnaiah Chengalvarayan as directors on the board with immediate effect.

These appointments and resignations were approved in the meeting of the Board of Directors of RRPRH held on Tuesday. Adani Group has acquired control of RRPR Holdings this week. Bhattacharya, Puglia and Chengalvarayan have been nominated by the Adani Group in the company. The Roy couple had taken an interest-free loan of Rs 400 crore in 2009 from a company linked to Reliance Industries. This company was Vishwapradhan Commercial Private Limited (VCPL). In lieu of this loan, VCPL got the right to convert the warrants into shares of RRPR Holdings. RRPR Holdings holds 29.2 per cent stake in NDTV.

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The Adani Group had acquired VCPL in August and had talked about converting the warrants into shares. The promoters of NDTV had initially opposed the move, saying they were not in talks with them, but earlier this week gave their nod. This gave VCPL a 99.5 percent stake in RRPR Holding.

RRPR (Radhika Roy Prannoy Roy Holdings Private Limited) is still the promoter entity. It has 29.18 percent stake in the news channel. Prannoy Roy holds 15.94 percent stake in NDTV and Radhika Roy holds 16.32 percent (total 32.26 percent). After the acquisition of VCPL, an open offer has been made by the Adani group to buy 26 per cent stake in NDTV. This offer opened on 22nd November and will close on 5th December. So far, the offer has received offers for 53.27 lakh shares or one-third of the total size. However, the share price in the open offer is much lower than the current share price of NDTV.

NDTV’s stock is trading at Rs 447.70 on BSE with a gain of five percent. At the same time, the open offer has been made at a price of Rs 294 per share. Adani Group’s effort is to buy 1.67 crore shares or 26 per cent stake from minority shareholders of NDTV. If the open offer is successful, the Adani group will have a controlling stake of over 55 per cent in the news channel and is likely to try to oust the Roys from the channel’s board. Sanjay Puglia is the Chief Executive Officer (CEO) of Adani Group’s media business.

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