In a regulatory filing on Thursday, NDTV had argued that Adani Group may not be able to complete its deal to buy RRPR Holdings as Prannoy, Radhika Roy were barred from dealing in securities by a 2020 Sebi order Is.
In a regulatory filing on Thursday, NDTV had argued that Adani Group may not be able to complete its deal to buy RRPR Holdings as Prannoy, Radhika Roy were barred from dealing in securities by a 2020 Sebi order Is.
Adani Group subsidiary Vishwapradhan Commercial Private Limited (VCPL) has responded to a stock exchange filing by RRPR-promoter group Vahan of New Delhi Television (NDTV) and argued that RRPR is not a party to the company. SEBI order dated 27th November, 2020 And this market is not subject to any restriction by the regulator.
It has also stated that RRPR is bound to comply with the contractual obligations.
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VCPL in its response said, “Warrant exercise notice has been issued by VCPL under a contract which is binding on the RRPR.”
It may be noted that VCPL is a wholly owned subsidiary of AMG Media Network Limited (AMNL), which is owned by Adani Enterprises Limited.
“Performance of obligations by RRPR as per warrant exercise notice shall not be in contravention of SEBI order… VCPL therefore does not agree with RRPR that prior written approval from SEBI is necessary for allotment of shares to VCPL on exercise of warrant.”
“Further, as on August 23, 2022, an amount of ₹ 1,99,00,000, payable for 19,90,000 equity shares of RRPR pursuant to exercise of warrant, has been paid by VCPL and received by RRPR,” VCPL asserted, “Any subsequent attempt by RRPR to return the money received or the original warrant certificate shall have no legal effect on the exercise of warrant by VCPL which has been completed.”
Adani Group, through VCPL, has stated that the arguments raised by RRPR in the letter are baseless, legally inexcusable and devoid of merit. RRPR is therefore bound to discharge its obligation immediately and allot the equity shares specified in the warrant exercise notice in accordance with the statement of VCPL.
On Thursday, in a regulatory filing, NDTV had argued that Adani Group may not be able to complete its deal to buy RRPR Holdings as Mr and Mrs Roy were barred by markets regulator SEBI from transacting in securities. has gone. in 2020.