ndtv: NDTV founders step down from board after Gautam Adani assumes management

New Delhi Tv Ltd introduced on Friday that its founders Prannoy Roy and Radhika Roy had resigned as administrators after billionaire Gautam Adani’s conglomerate took a majority stake within the media firm.

Together with the Roys, 4 different impartial administrators additionally resigned, efficient Dec. 30, NDTV mentioned in a press release.

Adani Enterprises Ltd, by way of its subsidiaries RRPR Holding and Vishvapradhan Business, now owns 64.72% of NDTV, which operates three nationwide channels.

The Roys will every proceed to personal 2.5% of NDTV, based on the assertion.

“I’m resigning because of the change in possession of the corporate. There aren’t any different vital causes for my resignation,” mentioned Prannoy Roy, one in every of India’s most outstanding journalists, in his letter to the corporate stepping down as Government Vice President.

The takeover of NDTV by Gautam Adani, the third richest individual on the earth, will put him squarely in opposition to fellow Indian billionaire Mukesh Ambani, who has additionally been increasing his media empire.

“Adani Group is privileged to proceed to strengthen NDTV with world-class infrastructure and expertise, and remodel NDTV right into a thriving multi-platform world information group,” Adani mentioned in a separate assertion. Adani Group will “strengthen and put money into NDTV’s newsroom to develop into a multi-faceted digital multimedia platform,” the assertion mentioned.