I-T nod not needed to buy NDTV stake
However, NDTV says such conversion of rights is barred by I-T Dept
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New Delhi: Adani Group believes that there is no restriction by tax authorities on it acquiring a stake in NDTV, a statement that has also been backed by tax experts.
The Adani group has acquired a little-known firm, VCPL that lent over Rs403 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the news group at any time. Adani has since exercised those rights, but NDTV says such conversion is barred by Income-Tax (I-T) authorities.
The Adani group in a statement said Vishvapradhan Commercial Pvt Ltd (VCPL) has informed that the I-T Department orders only apply to share of NDTV held by RRRP Holding Pvt Ltd (a promoter of NDTV) and in no manner restrict RRPR from completing the formalities in relation to allotment of equity shares to VCPL.
