Adani Group disputes NDTV's claim that the I-T Department must approve any stock sales.
The NDTV promoter group company RRPR Holding claimed that the Income Tax department had temporarily attached its interest in the media company, while Adani Group has refuted this claim.
In a regulatory filing with the Bombay Stock Exchange (BSE) on Wednesday, Adani Group described RRPR Holding's statement as misconceived and misleading and has asked the NDTV promoter group entity to convert the warrants into equity shares.
After RRPR Holding informed Adani Enterprises' indirect subsidiary Vishvapradhan Commercial Private Limited (VCPL) that its (RRPR Holding's) stake in NDTV has been provisionally attached by the Income Tax authorities and needs the I-T department's approval for transfer, Adani Group wrote a letter to the BSE.
A procedure has been started by VCPL and a few other parties to acquire a sizeable stake in the media organisation; NDTV has referred to this action as a hostile takeover.
On August 23, the Adani Group announced that it has acquired a 99.99% holding in RRPR Holding through the acquisition of VCPL, which controls a 29.18% indirect stake in NDTV.
Adani Group has requested that RRPR Holding take all necessary actions to fulfil its obligation as stated in the notice and finish the formal steps of allotment of equity shares of RRPR to VCPL. In the BSE filing on September 1, Adani Group asked RRPR Holding to withdraw its letter and described it as an effort to further excessively delay the process of warrant conversion.
The group has requested that RRPR Holding (RRPRH) retract the letter and asserted that it was made with the intention of causing further excessive delay in the warrant conversion rather than to fulfil its duties promptly.
Earlier, RRPR Holding had informed VCPL that due to the attachment of its shareholding, approval from the Income Tax authorities would be required and invited VCPL to join its application to the abovementioned authorities.