Sebi order a hurdle for Adani

New Delhi: Approval from market regulator Sebi is 'necessary' for Adani Group firm Vishvapradhan Commercial Private Ltd to acquire interests in NDTV's promoter entity RRPR Ltd against an unpaid loan, a regulatory filing said on Thursday. The Securities and Exchange Board of India (Sebi) on November 27, 2020, restrained the founder-promoters Prannoy and Radhika Roy from accessing the securities market, and further prohibiting buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner whatsoever for a period of two years.

This ban expires on November 26, 2022, said NDTV in a disclosure to exchanges. "Unless pending appeal proceedings were to successfully conclude prior, Sebi approval is necessary for the proposed Acquirer to secure 99.5 per cent interests in the Promoter Group vehicle, since this would consequently lead to the acquisition of voting rights in respect of 29.18 per cent of the issued share capital of the Target Company held by the Promoter Group vehicle," NDTV said in the regulatory filing.

In a late-night filing on Wednesday, NDTV said pending Sebi approval RRPR has instructed its bankers to return Rs 1.99 crore deposited by VCPL on August 23. RRPR has also informed VCPL of the current position on Wednesday, the filing said.