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โ€œSoon I Will Be Watching Netflixโ€ฆ..โ€: Mahua Moita Swipes At Adaniโ€™s Indirect Acquisition Of NDTV

Mahua Moitra

Mahua Moitraโ€™s tweetโ€™s reference was to the indirect acquisition of NDTV by AMG (Adani media group) which happened earlier in the day.

TMC MP Mahua Moitra, on Tuesday, tweeted a screenshot of a watspp message. The message said, โ€œSoon I will be watching Netflix and then I will realize theyโ€™ve bought the sofa Iโ€™m sitting on.โ€

The image was captioned โ€œAnd finally to end the day on a lighter note..โ€.

Mahua Moitraโ€™s tweetโ€™s reference was to the indirect acquisition of NDTV by AMG (Adani media group) which happened earlier in the day.

The AMG Media Networks Limited, a subsidiary of the Adani group, will acquire a 29.18% stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house, the Adani Groupโ€™s statement read.

Also Read: โ€œWithout Discussion, Consent or Noticeโ€: NDTV On Adani Group Acquiring 29.18% Stakes

Adani entities made a โ‚น493-crore open offer for a 26% stake in NDTV at โ‚น294 per share. The media companyโ€™s shares closed 5% higher today at โ‚น376.55 apiece.

The top conglomerate will launch an open offer to acquire up to a 26% stake in the news channel, in compliance with the requirements of the SEBIโ€™s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

However, Hours after Adani groupโ€™s AMG Media Network Limited (AMNL) announced that it has indirectly acquired 29.18% stakes in NDTV, the television network issued a statement. It has been said the move was made without any discussion with the promoters of the company. NDTV said that neither was their consent sought nor were they served any notice.

In its statement, the network said, โ€œWithout any further discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika & Prannoy Roy, a notice has been served to them by Vishwapradhan Commercial Private Limited (VCPL), stating that it has acquired control of RRPR Holding Private Limited (RRPRH). This company owns 29.18 percent shares of NDTV. RRPRH has been given two days to transfer all its equity shares to VCPL.

The rights exercised by VCPL are based on the loan agreement it entered into with Radhika and Prannoy Roy, the founders of NDTV, in the year 2009-10.โ€

The statement further says, โ€œNDTVโ€™s Founders and Company would like to clarify that this exercise of rights by VCPL has been done without any input, negotiation, or consent of the NDTVโ€™s founders and that NDTVโ€™s Founders shall be made aware of this exercise of rights as of NDTV today has been found. Recently, only yesterday, NDTV had informed the stock exchanges that there has been no change in the shareholding of the founders.โ€

โ€œNDTV has never compromised on its core work, that is, its journalism. We still stand proudly with the same journalism,โ€ it added.

 

 

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