In order to get further information on the warrants issued to VCPL, the promoter of New Delhi Television Ltd. (NDTV), RRPR Holding Ltd., has written to the markets regulator Securities and Exchange Board of India (Sebi).

According to a stock exchange filing made on Monday morning, the business has asked whether a Sebi order from November 2020, which restricted promoters Prannoy Roy and Radhika Roy from the securities market for two years, pertains to the allotment of shares that were pledged with VCPL.
On August 23, the infrastructure behemoth shocked the market by purchasing Vishvapradhan Commercial Pvt Ltd (VCPL), which held convertible debentures in RRPR, indirectly acquiring a 29.18% stake in the broadcaster. In addition, as required by law, Adani Group proposed to purchase an additional 26% in the open market.

In opposition to the transaction, NDTV said that prior regulatory approval was required to transfer shares because Sebi had banned the company’s founders from trading in shares for two years, up until November 26. Adani Group, in contrast, refuted the claim, arguing that the owners of NDTV are exempt from such requirements. In exchange for a loan of 404 crore rupees given to the promoter holding firm, VCPL purchased the debentures in FY10.
The acquisition announcement specified that NDTV must distribute the shares to VCPL by August 25. No shares have been transferred.