Mumbai, Aug 25 The Securities and Exchange Board of India (SEBI) in November 2020 had banned its promoters from accessing the securities market, and further prohibiting buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner whatsoever for a period of two years, NDTV said in a regulatory filing.
NDTV said that unless pending appeal proceedings were to successfully conclude, prior SEBI approval is needed for the Adani group to secure 99.5 per cent in the promoter group entity since this would consequently lead to acquisition of voting rights in respect of 29.18 per cent held by the RRPR Holdings in the news network.
Vishvapradhan Commercial Private Ltd (VCPL), the proposed acquirer, along with AMG Media Networks and Adani Enterprises on Tuesday has made an open offer for NDTV under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Details in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, will be provided to VCPL.
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