NDTV Statement On SEBI Order Alleging Change Of Control

NDTV Statement On SEBI Order Alleging Change Of Control

New Delhi Television Limited has stated on several occasions, including in disclosures to the exchanges, that journalists Radhika and Prannoy Roy, who are its founders and promoters, continue to hold majority stake with 61.45 percent of the paid up share capital of the Company. There has been no change in control through any arrangements or transactions with third parties. Any report or allegation to the contrary is baseless.

Therefore, NDTV will urgently appeal a SEBI order issued today which penalises it 5 crores for the alleged non-disclosure of loan agreements entered into in 2009-2010 by its founders with Vishvapradhan Commercial Private Limited (VCPL).

NDTV was not a party to this arrangement; it disclosed these agreements in 2015 in response to media reports that speculated on a change in control.

The core issue of the alleged surrender of control to VCPL is pending adjudication at the Securities Appellate Tribunal, which, in 2019, granted a stay in favor of the founders of NDTV, which is still in operation.

NDTV has been advised by its lawyers that the SEBI order is based on an inaccurate assessment of facts and will not withstand scrutiny in appeal.