Sebi nod not required for NDTV stake acquisition: Adani Group

New Delhi: Adani group on Friday rejected NDTV's assertion that Sebi approval is necessary to acquire interests in RRPR, saying the promoter entity is not a part of the regulator's order that restrained Prannoy and Radhika Roy from accessing the securities market.

Terming the contentions raised by RRPR as "baseless, legally untenable and devoid of merit", Vishvapradhan Commercial Private Ltd (VCPL) said the holding firm is "bound to immediately perform its obligation and allot the equity shares" as specified in the Warrant Exercise Notice.

In a regulatory update, Adani Enterprises Ltd said VCPL has received a reply on behalf of NDTV and RRPR over the Warrant Exercise Notice dated August 23, 2022. In the reply, NDTV and RRPR said market regulator Sebi passed an order on November 27 last year against Prannoy Roy and Radhika Roy, restraining them to access the securities market. Hence, prior written approval from the Securities and Exchange Board of India (Sebi) is required for the exercise of the conversion option on the Warrants, the letter had said.

Rejecting it, VCPL has responded that "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 was issued by its subsidiary VCPL under a contract, which is binding on RRPR, it added.