Prannoy Roy, Radhika Roy resign from NDTV board

Prannoy Roy and Radhika Roy, the founders of New Delhi Television Ltd (NDTV), have resigned as directors of board of RRPRH, the promoter group vehicle of NDTV. The information was shared by the company in its regulatory filing.
RRPL Holding has 29.18% stake in NDTV, which is in the process of being acquired by the Gautam Adani-led Adani Group.
NDTV stated in its filing that the board of RRPR Holding has given its nod of approval for inducting Sanjay Pugalia, Senthil Sinniah Chengalvarayan and Sudipta Bhattacharya into the board of directors.
The Adani Group had already acquired 29.18% stake in NDTV. Now the conglomerate has made an an open offer to acquire another 26% of shares from the public.
NDTV stated on Monday an entity backed by the founders had issued shares of the company to a unit of Adani Group, making it easier for the Adani group to take reins of the media company.
NDTV in its regulatory filing said that it has been told by RRPRH that the board of directors in its meeting has approved:

Resignation of Dr. Prannoy Roy and Mrs. Radhika Roy as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.

Appointment of Mr. Sudipta Bhattacharya , Mr. Sanjay Pugalia, and Mr. Senthil Sinniah Chengalvarayan, as Directors on the Board of RRPRH, with immediate effect;

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Adani Group had made an open offer until December 5 to buy 16.76 million shares (which is equivalent of 26% of equity) from NDTV’s minority investors. The open offer was necessiated after the Group acquired 29.18% stake indirectly three month ago in the media company. The SEBI this month approved this open offer.

Adani Group, run by Asia’s richest man Gautam Adani, has been trying to diversify its business empire with expansion into other fields such as green energy, airports, etc. Observers are keenly watching the ongoing attempt by the conglomerate to foray into the media business.
NDTV had previously stated that the Adani Group’s move was executed “without any input from, conversation with, or consent of the NDTV founders."