India’s Adani says regulatory curbs do not restrict bid to take over NDTV
MUMBAI — India’s Adani Group said on Friday that regulatory restrictions imposed on New Delhi Television Ltd’s (NDTV) founders do not affect the conglomerate’s attempt to buy a majority stake in the news network.
NDTV on Thursday sought to block tycoon Gautam Adani’s move, saying its founders Prannoy and Radhika Roy have since 2020 been barred by the Securities and Exchange Board of India (SEBI) from buying or selling shares in India’s securities market. NDTV said a deal between the Roys and Adani would require approval from SEBI, the market regulator.
On Friday, Adani Enterprises argued in a statement that NDTV’s top shareholder, an investment vehicle which is held by the Roys and which is the subject of the Adani bid, was not covered by the SEBI order, meaning the takeover offer can proceed without specific SEBI approval. (Reporting by Abhirup Roy in Mumbai and Tanvi Mehta in Bengaluru; Editing by Dhanya Ann Thoppil and Kenneth Maxwell)