Adani says regulatory curbs do not restrict bid to take over NDTV

NDTV sought to block tycoon Gautam Adani's move, saying its founders Prannoy and Radhika Roy have since 2020 been barred by the SEBI from buying or selling shares in India's securities market

Gautam Adani
Gautam Adani (Photo: Bloomberg)
Reuters Mumbai
1 min read Last Updated : Aug 26 2022 | 10:14 AM IST
India's Adani Group said on Friday that regulatory restrictions imposed on New Delhi Television Ltd's (NDTV) founders do not affect the conglomerate's attempt to buy a majority stake in the news network.

NDTV on Thursday sought to block tycoon Gautam Adani's move, saying its founders Prannoy and Radhika Roy have since 2020 been barred by the Securities and Exchange Board of India (SEBI) from buying or selling shares in India's securities market. NDTV said a deal between the Roys and Adani would require approval from SEBI, the market regulator.

On Friday, Adani Enterprises argued in a statement that NDTV's top shareholder, an investment vehicle which is held by the Roys and which is the subject of the Adani bid, was not covered by the SEBI order, meaning the takeover offer can proceed without specific SEBI approval.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :NDTV caseGautam AdaniNDTVAdani Group

Next Story