Adani-Owned NDTV Names Two New Directors On Board, Six Others Resign
The board of NDTV also took note of resignations of six other directors including its founders Prannoy Roy and Radhika Roy.
New Delhi Television Ltd. appointed two new directors and took note of resignations of six directors including Radhika Roy and Prannoy Roy as the board has been reconstituted after the Adani Group took control.
The board approved appointment of Aman Kumar Singh and Sunil Kumar as additional directors, according to an NDTV exchange filing. The appointment is effective from Dec. 30.
While Singh has been appointed as a non-executive and non-independent Directors, Kumar is an independent director.
The term of independent director will be for three years, subject to approval of the shareholders.
Earlier, NDTV had appointed veteran journalists Sanjay Pugalia and Senthil Sinniah Chengalvarayan on its board. The news television network is now owned by the Adani Group.
"All the new directors have diverse experience in the fields of news, literacy and public policy, governance, media, branding, communication, technology, and economy and their rich set of competencies, skills and experience will be extremely valuable to NDTV," AMG Media Networks, a wholly owned subsidiary of Adani Enterprises Ltd., said a statement.
There are synergies to be harnessed within the growing AMG Media Networks portfolio, like the one between BQ Prime and NDTV Profit, AMG Media Networks said.
"The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation," Gautam Adani said in a statement.
The board of the media company also took note of resignations of six other directors including its founders-promoters Prannoy Roy and Radhika Roy, due to change in the ownership of the company.
Besides the Roys, Darius Taraporvala, Kaushik Dutta, Indrani Roy and John Martin O’Loan also resigned effective Dec. 30.
The Adani Group become the controlling shareholder in NDTV after the Roys sold a large portion of their stake.
The billionaire Gautam Adani-owned group, through its indirect subsidiary RRPR Holding, acquired a 27.6% stake, or 1.75 crore shares, via four large deals on Dec. 30, in the news broadcaster, at Rs 342.65 apiece.
That took RRPR's holding in NDTV to 56.45%. Along with another subsidiary, Vishvapradhan Commercial, Adani Group's stake in NDTV now stands at 64.72%.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.