Adani group asserts RRPR is bound to transfer NDTV shares to VPCL

Adani Group’s subsidiary Vishvapradhan Commercial Private Limited (VCPL) has responded to the stock exchange filing by RRPR- promoter group vehicle of New Delhi Television (NDTV) and contended that RRPR is not a party to the SEBI order dated November 27, 2020 and and it is not under any restrain by the market regulator. 

It has also asserted that the RRPR is obligated to comply with contractual obligations.

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“The warrant exercise notice has been issued by VCPL under a contract which is binding on RRPR,’‘ VCPL said in its response. 

It may be noted that the VCPL is a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd.

“Performance of obligations by RRPR pursuant to the warrant exercise notice will not result in violation of the SEBI order…VCPL therefore does not agree with RRPR that prior written approval from SEBI is required for allotment of shares to VCPL on exercise of warrants.” 

“Further, on August 23, 2022, the amount of ₹1,99,00,000, being the amount payable for the 19,90,000 equity shares of RRPR pursuant to exercise of warrants, has been paid by VCPL and received by RRPR,” the VCPL has stressed, adding, “Any subsequent attempt by RRPR to return the money received or the original warrant certificate shall have no legal effect on the exercise of warrants by VCPL which has been completed.” 

The Adani group, through VCPL, has stated that the the contentions raised by RRPR in the Letter are baseless, legally untenable and devoid of merit. RRPR is therefore bound to immediately perform its obligation and allot the equity shares as specified in the warrant exercise notice, as per the VCPL statement. 

On Thursday, in a regulatory filing, NDTV had contended that the Adani Group may not be able to complete its deal to buy RRPR Holdings as Mr. and Mrs. Roy have been restrained from dealing in securities by the market regulator SEBI in an order passed in 2020.