Indian TV channel, NDTV, has issued a statement amidst rumours of the Adani Group reportedly planning to take over its control. The rumours on the internet led to a significant jump in the TV channel’s share prices. No sooner did the rumours gain momentum, netizens began to speculate the future of the channel’s journalists including Ravish Kumar.
In a statement, NDTV said, “NDTV Limited is not in discussions now, nor has been, with any entity for a change in ownership or a divestment of any sort. Founder-promoters, Radhika and Prannoy Roy, who are both journalists, own 61.45 percent of the Company and remain in control of it. NDTV has no information on why there is a sudden surge in the stock price.”
The statement went on to add that the media group could not ‘control unsubstantiated rumours, nor does it participate in baseless speculation.’
It added, “The Company is known for exemplary corporate governance and continues to abide by all legal and regulatory requirements for disclosure.”
The Adani Group has not issued any statement on the rumours linking its interests in NDTV.
The statement from NDTV came amidst intense speculations over a possible takeover by the Adani Group on social media.
Adani Group is all set to Buy NDTV
What'll be Future of Ravish Kumar ?
— Frontalforce ???????? (@FrontalForce) September 20, 2021
Adani buying NDTV? Is this true? pic.twitter.com/EnFygbMEy8
— Ninda Turtle ???? (@NindaTurtles) September 20, 2021
I guess we will have to accept Adani buying NDTV as the replacement prize for Pranoy Roy going to jail
One must take what one can get
— Opinion Bakery (@IndiaSpeaksPR) September 20, 2021
Judge the future of NDTV, in this buyout bid by Adani, by the journos asked to quit. If Sreenivasan and Ravish go, you know…
— ☭☭☭Коммунист☭☭☭ (@Zizezkianism) September 20, 2021
NDTV shares hit upper circuit on rumours of Adani buyout.
Ravish kumar may quit pic.twitter.com/rBYbmme7hg— Raghu Anand ???????? (@raghuaanand) September 20, 2021
Soon, NDTV share prices were trading at Rs 79.65 on the BSE with a jump of 9.94 per cent.
NDTV’s promoters mainly Prannoy Roy and his wife Radhika Roy have been subjected to investigations by tax authorities. Both Prannoy Roy and his wife Radhika have moved the Supreme Court challenging the penalty imposed by the SEBI for alleged violation of securities norms by concealing information from shareholders on certain loan agreements.
The SEBI had imposed a fine of Rs 27 crore in December last year on Roys for violating securities norms.
Last year, the SEBI had banned Prannoy Roy and his wife Radhika Roy from the share market for two years. The SEBI had also directed them to ‘disgorge illegal gains of more than Rs 16.97 crore for indulging in insider trading more than 12 years ago.’ The NDTV has issued a statement saying that it will file an appeal against the order.