NDTV contentions are 'baseless and devoid of merit', says Adani

RRPR is bound to immediately perform its obligation and allot the equity shares as specified in the Warrant Exercise Notice, Adani Enterprises said

Adani Enterprises said on Friday that the contentions raised by NDTV promoter company, RRPR, 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, Adani Enterprises said in a filing with exchanges.

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.

RRPR is not a party to the SEBI Order dated November 27, 2020. Consequently, the restraints as pointed out by RRPR in paragraphs 111(b) and 112 of the SEBI Order do not apply to RRPR.

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The Warrant Exercise Notice has been issued by VCPL under a contract which is binding on RRPR.

RRPR is therefore obligated to comply with its contractual obligations, Adani Enterprises said.

Performance of obligations by RRPR pursuant to the Warrant Exercise Notice will not result in violation of the SEBI Order as there is no, direct or indirect, dealing in any securities of Prannoy Roy or Radhika Roy pursuant to the exercise of the warrants by VCPL and allotment of shares by RRPR, Adani Enterprises said.

The Adani letter comes after NDTV said that the promoters are bound by a SEBI order.

Adani is in the middle of a hostile takeover for Indian broadcaster NDTV.