No Sebi nod needed: Adani Group counters NDTV promoters' defence

VCPL said the contentions raised by RRPR Holdings in a letter are baseless, legally untenable and devoid of merit.

The Adani group contested claims by NDTV on Friday, saying the Securities and Exchange Board of India (Sebi’s) approval was not required by the news broadcaster to transfer the shares of promoter entity RRPR Holdings to the Adani-owned Vishvapradhan Commercial Private (VCPL).

In two separate letters to NDTV and its promoter entity, VCPL said on August 23 that Rs 1. 9 crore — the amount payable for the 19,90,000 equity shares of RRPR following the exercise of warrants — has already been paid by VCPL and received by RRPR. Hence, any subsequent attempt by RRPR Holdings to return the money received