NDTV, in a letter to exchanges on Aug. 25, had cited a SEBI order dated Nov. 27, 2020, that restrained the founder-promoters from dealing in the securities market, to reason that prior approval from the market regulator was needed for VCPL to acquire 99.5% interests in RRPR Holding.
Adani Enterprises, through VCPL, said the allotment of shares in RRPR to VCPL 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”.
Also, RRPR Holding on Thursday instructed its bankers to return Rs 1.99 crore deposited by VCPL. In response, Adani said any 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 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,” it said.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.