Prannoy Roy and his wife Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), have resigned as Directors on the Board of RRPR Holding Private Limited (RRPRH) with effect from 29 November, the company said in a regulatory filing on Tuesday.
RRPR, or Radhika Roy Prannoy Roy, Holding Private Limited, the promoter group vehicle of NDTV, holds a 29.18 percent stake in NDTV, which is being taken over by the Adani group, reported The Indian Express.
The board of RRPR Holding has approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors on its board with immediate effect, NDTV said in an exchange filing.
The Adanis which acquired the 29.18 percent stake in NDTV has come out with an open offer to buy another 26 percent from the public.
According to the BSE website, Prannoy Roy is the Chairperson of NDTV and Radhika Roy is an Executive Director.
As per the report, the Adanis got full control over RRPL in August this year. If the Adanis manage to get the required 26 percent stake, the group’s total stake will go up to 55.18 percent, enabling it to take management control of NDTV. The Roys hold a 32.26 percent stake in NDTV, reads the report.