Adjudication Order in the matter of New Delhi Television Limited

This order addresses allegations that New Delhi Television Limited (NDTV) failed to disclose a change in control to stock exchanges, specifically regarding a 2018 SEBI order finding that Vishvapradhan Commercial Private Limited (VCPL) had indirectly acquired control of NDTV.

New Delhi Television Limited (NDTV), Vishvapradhan Commercial Private Limited (VCPL), Dr. Prannoy Roy, Mrs. Radhika Roy, RRPR Holding Private Limited, Quantum Securities Pvt. Ltd. (complainant), Dinkar Singh (Advocate).

• SEBI concluded in a 2018 order that VCPL indirectly acquired control of NDTV via a 2009 loan and call option agreement.
• SEBI directed VCPL to make a public announcement to acquire NDTV shares within 45 days of the 2018 order.
• NDTV disclosed to exchanges that Dr. Prannoy Roy and Mrs. Radhika Roy (via RRPR) continued to hold 61.45% of NDTV and control the company.
• SEBI initiated adjudication proceedings against NDTV for alleged violations of Regulation 30(1), 30(3), 30(4), and 30(6) of the LODR Regulations.
• The alleged violation is the failure to disclose the change in control to stock exchanges as required by Clause 36 of the Listing Agreement.
• NDTV argued it had no obligation to disclose VCPL-related matters due to corporate separateness and lack of direct nexus.
• The Adjudicating Officer rejected NDTV's request to inspect internal SEBI documents and records.

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