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In a regulatory submitting on Monday, NDTV mentioned the founders Radhika and Prannoy Roy have knowledgeable the corporate that RRPR Holding has written to Securities and Change Board of India (SEBI) on Sunday to find out whether or not the regulator’s order of November 27, 2020 restricts conversion of warrants issued to Vishvapradhan Business into fairness.
On August 23, Vishvapradhan Business, in a discover to RRPR Holding, intimated that it was exercising its proper to transform warrants issued to it in 2009 into fairness shares.
The conversion of warrants into fairness would result in Vishvapradhan Business gaining management of 99.5 % of RRPR Holding.
The SEBI, in its order dated November 27, 2020, had restrained the NDTV founders from shopping for, promoting or in any other case dealing in securities, straight or not directly, for a interval of two years, ending on November 26, 2022.
Earlier when the problem of SEBI order in opposition to NDTV promoters have been raised,
mentioned their contentions have been baseless, legally untenable and devoid of advantage.
In keeping with Adani Enterprises, RRPR Holding was not a celebration to the SEBI Order dated November 27, 2020.
Consequently, the restraints as identified by RRPR Holding in paragraphs 111(b) and 112 of the SEBI order don’t apply to it.
The warrant train discover has been issued by VCPL beneath a contract which is binding on RRPR Holding, Adani Enterprises mentioned.
The Adani Group is in the course of a hostile takeover for Indian broadcaster NDTV.
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