‘I-T nod not wanted for NDTV warrant conversion’

NDTV cites letter from Adani’s VCPL informing it of Revenue Tax Division’s stand

NDTV cites letter from Adani’s VCPL informing it of Revenue Tax Division’s stand

RRPR Holding, the promoter group agency of NDTV, doesn’t require any approval from the Revenue Tax Division for the conversion of warrants into fairness shares, Adani Group agency VCPL has knowledgeable the media firm.

In a regulatory submitting, NDTV mentioned RRPR Holding and the corporate has obtained a letter from Vishvapradhan Industrial Non-public Ltd (VCPL) informing that the Adani Group agency had approached the IT division on the difficulty, which in its reply mentioned no such restriction applies on the conversion of warrants.

“The reply dated September 7, 2022, from the Further Commissioner of Revenue Tax, Central Vary-02, New Delhi confirming there are not any restrictions on RRPRH performing on the VCPL train of the choice for changing its warrants into 99.50% fairness shares of RRPRH,” mentioned NDTV in a late-night submitting on Friday, whereas updating about VCPL’s letter.

VCPL has additionally despatched a letter to market regulator Sebi on September 8 about its communication with the Revenue Tax Authority, the submitting mentioned.

Earlier this month RRPR Holding knowledgeable VCPL, which together with two different Adani group corporations has launched a hostile takeover bid for the media agency, that its stakeholding in NDTV has been provisionally connected by the I-T authorities and requires their approval for the switch.

NDTV had mentioned that its founders Radhika and Prannoy Roy have knowledgeable that RRPR Holding has intimated VCPL that the attachment of the shareholding, notified in 2018, shall stay in place till the completion of reassessment proceedings.

Nevertheless, IT division letter dated September 7, 2022 mentioned: “The prohibition below the above-mentioned orders u/s 281B through the interval of their operation is on RRPR Holding for promoting or switch of its shareholding in NDTV and from creating/inflicting any cost thereon solely, regardless of the shareholding sample of RRPR Holding and who workout routines management thereon and never on the issuance of shares of RRPR Holding”.

Earlier, the Adani group had additionally rejected NDTV’s competition terming it as “misconceived and deceptive” statements whereas asking RRPR Holding to transform the warrants into fairness shares.

On August 23, Adani group introduced the acquisition of a 29.18% stake not directly in NDTV via the acquisition of VCPL, which holds a 99.99% stake in RRPR Holding.

Following this, Adani group corporations, VCPL together with AMG Media Networks and Adani Enterprises Ltd, proposed to accumulate a further 26% or 1.67 crore fairness shares via an open provide, within the firm, which operates three nationwide information channels – English information channel NDTV 24×7, Hindi information channel NDTV India and enterprise information channel NDTV Revenue.

Adani Group will tentatively launch its open provide on October 17 for buying a further 26% in NDTV and shut on November 1, in keeping with an commercial by JM Monetary earlier, which is managing the provide.

By- The Hindu

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