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NDTV has instructed Advert ani group that it might want the approval of market regulator SEBI to amass the 29.18 per cent stake within the media firm attributable to an earlier bar on promoting stake held by the present promoters.
“In view of instructions in pressure vide order dated November 27, 2020, of the Securities and Change Board of India (SEBI), restraining the Founder-Promoters Dr. Prannoy Roy and Mrs. Radhika Roy from accessing the securities market, and additional prohibiting shopping for, promoting, or in any other case dealing in securities, straight or not directly, or being related to the securities market in any method by any means for a interval of two years, which expires on November 26, 2022, except pending enchantment proceedings have been to efficiently conclude prior, SEBI approval is critical for the proposed Acquirer to safe 99.5 per cent pursuits within the Promoter Group automobile, since this is able to consequently result in acquisition of voting rights in respect of 29.18 per cent of the issued share capital of the Goal Firm held by the Promoter,” NDTV mentioned in a disclosure to the inventory alternate.
Additionally learn: NDTV shares acquire 5%; hit higher circuit
This comes after Vishvapradhan Business Personal Restricted (proposed acquirer) together with AMG Media Networks Restricted and Adani Enterprises Restricted mentioned earlier this week that they’re buying controlling stake in New Delhi Tv Restricted.
In November 2020, SEBI had barred NDTV promoters Prannoy Roy and Radhika Roy from accessing the securities marketplace for two years for alleged violation of insider buying and selling rules.
Printed on
August 25, 2022
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