A battle is brewing between the Adani Group and the founders of New Delhi Television Ltd. (NDTV), which operates one of the country's leading television news outlets. NDTV Ltd has informed stock exchanges that the entity known as Vishvapradhan Commercial Private Ltd (VCPL), which is now a subsidiary of the Adani Group, will need to obtain approval from market regulator Securities and Exchange Board of India (SEBI) before acquiring a 99.5 percent stake in RRPR Holding Pvt Ltd, which was owned by NDTV's founders Prannoy Roy and Radhika Roy. The Indian Journalists Union (IJU) expressed grave concern on Saturday about the Adani group's hostile takeover bid for NDTV, "one of the few independent media houses that dares to defend truth in the country," especially since the broadcaster has challenged the indirect acquisition as claimed without "discussion, consent, or notice of NDTV founders." Gautam Adani's corporate group acquired a 29.18 percent stake in the broadcaster through VCPL earlier this week, and has since followed up with an offer to buy out a further 26 percent controlling stake. Adani has yet to acquire a majority stake in NDTV. The open offer is still available. Furthermore, because they made an offer at a discount to the current market price, shareholders may be hesitant to sell their stake to Adani. Adani, on the other hand, may have a trump card. Thank you.
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