EXPLAINER-The Bitter Takeover Battle Between India apos;s Adani And News...
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| - | By Munsif Vengattil and M.<br><br>Sriram<br> NEW DELHI, Aug 25 (Reuters) - When India's richest man Gautam Adani this week unveiled plans for his firm to control a majority stake in New Delhi Television (NDTV), it was the stealth approach in executing the transaction that drew most attention in the news industry.<br> But NDTV, one of nation's most popular news networks, is seeking to block the takeover attempt by the billionaire tycoon's group, saying regulatory restrictions prevent the bid from proceeding.<br> NDTV is regarded by some as one of the few independent voices in India's rapidly polarising media landscape, and the takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine its editorial integrity.<br> This is how the firm controlled by the Adani family went about planning the takeover and how NDTV is trying to resist it.<br> A COMPANY CALLED VCPL<br> Much of the spotlight on Adani's two-stage takeover bid is on one, little-known Indian company: Vishvapradhan Commercial Private Limited (VCPL), founded in 2008.<br> More than a decade ago, NDTV founders Prannoy and Radhika Roy took 4 billion rupees ($50 million) in loans from VCPL, and in exchange issued warrants that allowed the company to acquire a 29.18% stake in the news group.<br> Those warrants were convertible at any time.<br><br>Adani Group said on Aug. 23 it had acquired VCPL and exercised those rights, which should give it the stake in NDTV.<br> Adani Group's takeover bid is without NDTV's consent, the news organisation said hours later. Internally, an NDTV memo referred to the move as "entirely unexpected."<br> AN OPEN OFFER PLAN<br> Adani Group's indirect control of a stake above 25% means it must put forward an open offer to purchase at least 26% more from existing shareholders in NDTV to give them an opportunity to exit, according to Indian regulations.<br> That's what Adani did.<br><br>Laying out its plan, the Adani Group said the open offer will be at 294 rupees per NDTV share for a total consideration of up to $62 million.<br> If the two-stage plan works, Adani Group would get 55.18% of the popular news network.<br> NDTV PUSHES BACK<br> Although NDTV has said Adani's move was without its consent, four lawyers who spoke to Reuters said Adani Group was well within its legal rights in the deal process so far.<br> NDTV had said it was given two days to transfer the shares due to the Adani Group after it made the takeover bid.<br> But as that deadline neared, NDTV has threw a spanner in the works by disclosing on Aug.<br><br>25 that its founders were currently prohibited from dealing in India's securities market.<br> That was due to a 2020 regulatory decision in a case of suspected insider trading of NDTV shares, the news network said, meaning it can't tranfer shares Adani was trying to secure.<br> The regulatory restriction is in place until November this year, and a lawyer said NDTV's effort at best can "stall or slow down the process" of Adani's takeover.<br> Other lawyers have said NDTV should have foreseen the situation as its founders had issued warrants to VCPL years ago and there was always a possibility a company could execute them to acquire a stake.<br> One option would be for the NDTV founders to make their own open offer at a higher price to try to increase their stake and challenge Adani, said Shriram Subramanian, founder of proxy advisory firm InGovern. (Reporting by Munsif Vengattil in New Delhi, M.<br><br>Sriram and Abhirup Roy in Mumbai and Nivedita Bhattacharjee in Bengaluru; Editing by Aditya Kalra, Jamie Freed and Kim Coghill)<br><br><br><br>If you liked this write-up and you would like to receive a lot more information with regards to [https://en.volos-minivan.eu/ATHENS-0000000358-best-private-tours-in-Tailor-Made-Tour-greece.html best private tours in Tailor Made Tour greece] kindly take a look at the internet site. | + | The disagreement weakens the EU's response to an acute energy crunch, taxi online Thessaloniki greece related to Russia's war against Ukraine and driving record-high inflation in the bloc, which now faces a new recession before it has had time to fully recover from the COVID pandemic.<br><br><br><br><br><br>Otherwise, they would not agree to a whole package of measures up for approval, which also include launching joint gas purchases by the bloc and speeding up permitting procedures for renewable energy sources.<br><br>Lara, 40, and Ivanka, 41, accidentally wore nearly identical dresses for Trikeri guided tour the occasion, but neither appeared to let the fashion faux pas ruin their fun. Ivanka later shared a picture of her dog, Winter, sporting one of the flower crowns<br><br>The four countries told a meeting of national envoys to the European Union that they wanted a comprehensive proposal on the cap from the EU's executive European Commission before Nov. 24, according to four diplomatic sources.<br><br>Shocking footage from the anti-government protests in Shanghai shows Edward Lawrence, a camera operator for the BBC's China Bureau, being dragged away by Xi's officers as he screams 'call the consulate now' to a friend.<br><br>Marla, 59, took to Instagram Stories on Wednesday to share a video of the wind whipping through palm trees as rain pounded down on the beach. She appeared to be in Miami, where Tiffany and Michael live full-time<br><br><br><br>Mr Lawrence was beaten and kicked by the police officers and taxi service Katigiorgis greece held in custody for 'several hours' before being released, as Chinese officials sought to crack down on the media and protesters in the city.<br><br>Hospitality venues are completely booked out for taxi prices Trikeri greece the next two Fridays and employers say while the office Christmas party will make a welcome return after a two-year hiatus due to Covid, they are also worried.<br><br>The four countries cannot block an agreement on their own. But they could if they build a broader coalition among most of the EU states that have been calling for months for a gas cap to bring down high market prices.<br><br><br><br>He told LBC radio: 'Whatever else happens, freedom of the press should be sacrosanct.' The UK's Business Secretary Grant Shapps today denounced the officers' actions as 'unacceptable' and 'concerning'.<br><br>BRUSSELS, Nov 11 (Reuters) - Belgium, Greece, Italy and Poland on Friday threatened to block a new set of European Union steps to alleviate an acute energy crunch because they are angry that a gas price cap is not among detailed proposals, diplomats said.<br><br>NEW DELHI, Aug 25 (Reuters) - When India's richest man Gautam Adani this week unveiled plans for his firm to control a majority stake in New Delhi Television (NDTV), it was the stealth approach in executing the transaction that drew most attention in the news industry.<br><br>Adani Group's indirect control of a stake above 25% means it must put forward an open offer to purchase at least 26% more from existing shareholders in NDTV to give them an opportunity to exit, according to Indian regulations.<br><br>NDTV is regarded by some as one of the few independent voices in India's rapidly polarising media landscape, taxi prices Dion and the takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine its editorial integrity.<br><br>One option would be for the NDTV founders [https://en.volos-minivan.eu/ATHENS-0000000218-taxi-fare-piraeus-to-Pelion-airport.html taxi fare piraeus to Pelion airport] make their own open offer at a higher price to try to increase their stake and challenge Adani, said Shriram Subramanian, founder of proxy advisory firm InGovern. (Reporting by Munsif Vengattil in New Delhi, taxi from Vergina port to acropolis M.<br><br>We do not consider this a credible explanation.' We have had no official explanation or apology from the Chinese authorities, beyond a claim by the officials who later released him that they had arrested him for travelling around greece his own good in case he caught Covid from the crowd.<br><br><br><br>A BBC journalist covering historic protests against President Xi Jinping's lockdown rules in China was arrested and beaten by police officers, with Chinese officials later making the bizarre claim that he was detained for his 'own good' in case he caught Covid from the crowd.<br><br><br><br>Shanghai police officers tried to dismiss the arrest as being for Mr Lawrence's 'own good', claiming that he was arrested 'in case he caught Covid from the crowd'.<br>The BBC dismissed the farfetched explanation as implausible.<br><br>More than a decade ago, NDTV founders Prannoy and Radhika Roy took 4 billion rupees ($50 million) in loans from VCPL, and in exchange issued warrants that allowed the company to acquire a 29.18% stake in the news group.<br><br>'Based on what we learned from relevant Shanghai authorities, he did not identify himself as a journalist and didn't voluntarily present his press credentials,' foreign ministry spokesman Zhao Lijian said, telling international media to 'follow Chinese laws and regulations while in China'.<br><br>The bride-to-be was also joined by her father's side of the family, including her stepmother, former First Lady Melania Trump; her sister, Ivanka Trump; her brother Eric Trump's wife, Lara; and her brother Donald Trump Jr.'s fiancée, Kimberly Guilfoyle. |
Revisión de 02:17 25 feb 2023
The disagreement weakens the EU's response to an acute energy crunch, taxi online Thessaloniki greece related to Russia's war against Ukraine and driving record-high inflation in the bloc, which now faces a new recession before it has had time to fully recover from the COVID pandemic.
Otherwise, they would not agree to a whole package of measures up for approval, which also include launching joint gas purchases by the bloc and speeding up permitting procedures for renewable energy sources.
Lara, 40, and Ivanka, 41, accidentally wore nearly identical dresses for Trikeri guided tour the occasion, but neither appeared to let the fashion faux pas ruin their fun. Ivanka later shared a picture of her dog, Winter, sporting one of the flower crowns
The four countries told a meeting of national envoys to the European Union that they wanted a comprehensive proposal on the cap from the EU's executive European Commission before Nov. 24, according to four diplomatic sources.
Shocking footage from the anti-government protests in Shanghai shows Edward Lawrence, a camera operator for the BBC's China Bureau, being dragged away by Xi's officers as he screams 'call the consulate now' to a friend.
Marla, 59, took to Instagram Stories on Wednesday to share a video of the wind whipping through palm trees as rain pounded down on the beach. She appeared to be in Miami, where Tiffany and Michael live full-time
Mr Lawrence was beaten and kicked by the police officers and taxi service Katigiorgis greece held in custody for 'several hours' before being released, as Chinese officials sought to crack down on the media and protesters in the city.
Hospitality venues are completely booked out for taxi prices Trikeri greece the next two Fridays and employers say while the office Christmas party will make a welcome return after a two-year hiatus due to Covid, they are also worried.
The four countries cannot block an agreement on their own. But they could if they build a broader coalition among most of the EU states that have been calling for months for a gas cap to bring down high market prices.
He told LBC radio: 'Whatever else happens, freedom of the press should be sacrosanct.' The UK's Business Secretary Grant Shapps today denounced the officers' actions as 'unacceptable' and 'concerning'.
BRUSSELS, Nov 11 (Reuters) - Belgium, Greece, Italy and Poland on Friday threatened to block a new set of European Union steps to alleviate an acute energy crunch because they are angry that a gas price cap is not among detailed proposals, diplomats said.
NEW DELHI, Aug 25 (Reuters) - When India's richest man Gautam Adani this week unveiled plans for his firm to control a majority stake in New Delhi Television (NDTV), it was the stealth approach in executing the transaction that drew most attention in the news industry.
Adani Group's indirect control of a stake above 25% means it must put forward an open offer to purchase at least 26% more from existing shareholders in NDTV to give them an opportunity to exit, according to Indian regulations.
NDTV is regarded by some as one of the few independent voices in India's rapidly polarising media landscape, taxi prices Dion and the takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine its editorial integrity.
One option would be for the NDTV founders taxi fare piraeus to Pelion airport make their own open offer at a higher price to try to increase their stake and challenge Adani, said Shriram Subramanian, founder of proxy advisory firm InGovern. (Reporting by Munsif Vengattil in New Delhi, taxi from Vergina port to acropolis M.
We do not consider this a credible explanation.' We have had no official explanation or apology from the Chinese authorities, beyond a claim by the officials who later released him that they had arrested him for travelling around greece his own good in case he caught Covid from the crowd.
A BBC journalist covering historic protests against President Xi Jinping's lockdown rules in China was arrested and beaten by police officers, with Chinese officials later making the bizarre claim that he was detained for his 'own good' in case he caught Covid from the crowd.
Shanghai police officers tried to dismiss the arrest as being for Mr Lawrence's 'own good', claiming that he was arrested 'in case he caught Covid from the crowd'.
The BBC dismissed the farfetched explanation as implausible.
More than a decade ago, NDTV founders Prannoy and Radhika Roy took 4 billion rupees ($50 million) in loans from VCPL, and in exchange issued warrants that allowed the company to acquire a 29.18% stake in the news group.
'Based on what we learned from relevant Shanghai authorities, he did not identify himself as a journalist and didn't voluntarily present his press credentials,' foreign ministry spokesman Zhao Lijian said, telling international media to 'follow Chinese laws and regulations while in China'.
The bride-to-be was also joined by her father's side of the family, including her stepmother, former First Lady Melania Trump; her sister, Ivanka Trump; her brother Eric Trump's wife, Lara; and her brother Donald Trump Jr.'s fiancée, Kimberly Guilfoyle.
