Ahmedabad on the 26th of August : Adani Enterprises said that on Friday that the claims that were made by NDTV promoter company, RRPR, are “baseless legally unjustified and ineffective and devoid of worth”.RRPR is therefore required to immediately meet its obligation immediately and allot equity shares in accordance with the guidelines in the Warrant Exercise Notice Adani Enterprises said in the filing with exchanges.
VCPL therefore is not in agreement with RRPR the requirement for prior approval in writing from SEBI is required prior to the allotment of shares to VCPL upon exercising of warrants.
RRPR is not a signatory to the SEBI Order dated November 27 20th, 2020.
Therefore, the restraints mentioned by RRPR in paragraphs 111(b) and 112 of the SEBI Order are not applicable to RRPR.
The Warrant Exercise Notice was issued by VCPL pursuant to a contract that is legally binding on RRPR.
RRPR is therefore bound to adhere with the contractual obligations it has signed, Adani Enterprises said.
The performance of obligations of RRPR in accordance with the Warrant Exercise Notification does not result in any violation of the SEBI Order as there is no either directly or indirectly, dealing in any security of Prannoy Roy or Radhika Roy in connection with the exercise of the warrants by VCPL and the allotment of shares to RRPR, Adani Enterprises said.
The Adani letter follows NDTV stated that promoters are bound under an SEBI order.
Adani is in the midst of an attempt to take over Indian broadcaster NDTV.
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