NDTV founders Prannoy Roy and his wife Radhika Roy have resigned as the directors of promoter group vehicle RRPR Holding Private Limited as the Adani Group neared takeover of the television channel.
RRPR, which has been acquired by Adani Group, held 29.18 per cent stake in the news channel.
The Roys, however, still hold a 32.26 per cent stake in NDTV as promoters and have not resigned from the board of the news channel.
In a stock exchange filing late on Tuesday, New Delhi Television Ltd said the two have resigned as directors on the board of RRPR Holding Private Limited (RRPRH) with immediate effect.
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Prannoy Roy is the Chairperson of NDTV and Radhika Roy is an Executive Director.
The board of RRPR Holding has approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors on its board with immediate effect, NDTV said.
The three are nominees of Adani Group which had earlier this week had taken control of RRPR Holdings.
More than a decade ago, Roys had taken an interest-free loan of over Rs 400 crore from a company that Adani group acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18 per cent stake in the news group.
RRPR, or Radhika Roy Prannoy Roy Holdings Private Limited is the promoter of NDTV. It held 29.18 per cent stake in the news channel. The conversion of warrants into equity because of non-payment of the loan, gave the Adani group entity almost all shares of RRPR Holdings.
Pugalia is the chief executive officer and editor-in-chief of media initiatives at Adani Group.
Post its acquisition, Adani Group is also conducting an open offer running between November 22 and December 5 for a 26 per cent stake in NDTV.
NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved: Appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan, as Directors on the Board of RRPRH, with immediate effect; and Resignation of Prannoy Roy and Mrs. Radhika Roy as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022, the filing said.