SEBI orders open offer for NDTV

IN Media Watch Briefs | 27/06/2018

NDTV's long-rumoured but undeclared loan from Reliance  is now the subject of a SEBI order  to Vishvapradhan Commercial, the company which fronted for RIL, reports PTI. VC has been ordered to make an open offer for NDTV Ltd for "indirectly acquiring control of up to 52 per cent stake through a convertible loan of Rs 350 crore in 2009 'sourced' from a subsidiary of Reliance Industries Ltd."  VCPL has been found to have violated takeover norms and NDTV has been issued a show cause notice for non-disclosure of the loan pact.                      

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