Biznextindia : Adani Enterprises (AEL) subsidiary Vishvapradhan Commercial Private Limited (VCPL) on Friday said that prior SEBI approval in not necessary for the NDTV deal.
In its response to the stock exchange filing by RRPR- the promoter group vehicle of New Delhi Television (NDTV), VPCL said that RRPR is not a party to the SEBI order dated November 27, 2020 and that it is obligated to comply with contractual obligations.
In its regulatory filing on August 25, NDTV stated that the Adani Group may not be able to complete its deal to buy RRPR Holdings without SEBI’s approval.
VCPL is a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd (AEL).
“RRPR is not a party to the SEBI Order dated 27th November 2020. Consequently, the restraints as pointed out by RRPR in paragraphs 111(b) and 112 of the SEBI Order do not apply to RRPR. The Warrant Exercise Notice has been issued by VCPL under a contract which is binding on RRPR. RRPR is therefore obligated to comply with its contractual obligations. Performance of obligations by RRPR pursuant to the Warrant Exercise Notice will not result in violation of the SEBI Order as there is no, direct or indirect, dealing in any securities of Mr. Prannoy Roy or Mrs. Radhika Roy pursuant to the exercise of the warrants by VCPL and allotment of shares by RRPR. VCPL therefore does not agree with RRPR that prior written approval from SEBI is required for allotment of shares to VCPL on exercise of warrants” AEL said in a regulatory filing.
Further, the Gautam Adani controlled company said “the contentions raised by RRPR in the Letter are baseless, legally untenable and devoid of merit. RRPR is therefore bound to immediately perform its obligation and allot the equity shares as specified in the Warrant Exercise Notice.”