HomeLifestyleNDTV-Adani deal clears the way! No need of Income Tax Department...

NDTV-Adani deal clears the way! No need of Income Tax Department to convert warrant into equity

New Delhi. The matter of Adani Group buying a stake in NDTV is currently in the news. The way for this deal seems to be clear. In fact, Adani Group company VCPL has informed media company NDTV that RRPR Holding Ltd., the promoter arm of NDTV. (RRPR Holding Ltd) does not require approval from the Income Tax Department to convert debt warrants into equity shares.

VCPL had approached the Income Tax Department

NDTV has said in the information given to the stock exchanges that RRPR Holding and the company have received a letter from Vishwapradhan Commercial Private Limited (VCPL) informing that VCPL has filed a complaint with the Income Tax Department on the issue of conversion of debt warrants into equity shares. was contacted. According to VCPL, the Income Tax Department in its reply has said that no such restriction is applicable in converting the warrant into equity.

No restriction on conversion of warrants into 99.50% equity shares of RRPR

NDTV informed the stock exchanges about this letter of VCPL late on Friday night. According to this, “As per the reply given by the Additional Commissioner, Income Tax Department, Central Range-02, New Delhi on 7th September, 2022, there is no restriction on the option to convert the warrant into 99.50 per cent equity share of RRPR.” ”

Also read- NDTV Share Price: After 14 years, NDTV shares crossed ₹ 500, upper circuit for the seventh consecutive day

VCPL also informed SEBI

VCPL has also informed the market regulator SEBI about this correspondence with the Income Tax Department by writing a letter. RRPR Holding had earlier this month told Adani Group company VCPL that its stake in NDTV has been temporarily withheld by the Income Tax Department, hence transfer of the stake required the approval of the Income Tax Department.

VCPL along with two other Adani Group companies has tried to acquire NDTV. Rejecting this argument of RRPR Holding, the Adani Group has asked RRPR Holding to convert the warrant into equity shares, calling it a ‘false’ and ‘misleading’ statement.

Tags: Adani Group

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