NDTV promoters ask SEBI if its previous order restraints conversion of warrants issued to VPCL
New Delhi: The NDTV promoters Pranoy Roy and Radhika Roy have asked the market regulator Securities & Exchange Board of India (SEBI) whether its previous order retrains conversion of warrants issued to Adani Group controlled VPCL.
“NDTV founders Radhika and Prannoy Roy have informed New Delhi Television Limited (NDTV) that the promoter group vehicle of NDTV, viz. RRPR Holding Private Limited (RRPRH) has written a letter dated 28 August 2022 to SEBI, asking it to determine whether the SEBI order dated 27 November 2020 restricts conversion of warrants issued to Vishvapradhan Commercial Private Limited (VCPL) into equity shares of the promoter group vehicle RRPRH” NDTV said in a regulatory filing.
On 23 August 2022, VCPL in a notice to RRPRH intimated that it was exercising its right to convert warrants issued to it in 2009 into equity shares which would give VCPL the control of 99.5 percent of RRPRH.
In its response to the VCPL notice, RRPRH on 25th of August had said that SEBI approval is necessary for the deal, to which VCPL had responded that the SEBI approval is not required and that RRPRH is obligated to comply with contractual obligations.
SEBI in its order dated 27 November 2020 had restrained the NDTV founders from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of two years, ending on 26 November 2022.