Adani Enterprises on Friday asked NDTV to immediately allot the shares to it as the group considers the contentions raised by the media company's founders, promoters Radhika Roy and Prannoy Roy, are "legally untenable and devoid of merit."
On Thursday, NDTV's founders objected to a deal signed by Vishvapradhan Commercial Private Limited (VCPL) with Adani Group, which allowed the latter to claim a 29.2 percent stake in the news broadcaster.
"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 Mr. Prannoy Roy or Mrs. Radhika Roy pursuant to the exercise of the warrants by VCPL allotment of shares by RRPR," Adani Enterprises said in the stock exchange filing.
RRPR claimed that the 2020 Sebi order prevents it from transferring the company's shares to Adani Group. The market regulator SEBI had barred promoters from accessing the capital market for two years in order to prevent insider trading.
Adani countered the claim, saying RRPR is not a party to the SEBI order; hence it can not raise regulatory issues in transferring shares to it.
On Tuesday, besides announcing the indirect acquisition of a 29.2 percent stake in the broadcaster, Adani group also offered to buy another 26% from the open market for $61.77 million.