Adani-NDTV Buyout: Income Tax Department says 'no bar on exercising warrant', RRPR claim dismissed
Adani-NDTV Buyout: On august 23, a notice was sent by VCPAL to RRPR Holding saying that it was converting the warrants issued by it in the year 2009 into equity shares. After which they will have 99.5% percent control over the RRPR. 
The Income Tax Department has said that RRPR Holding, the promoter group firm of NDTV, need not get the green signal from VCPL to convert the warrants given to it into equity shares. This notification has been issued by the Income Tax Department on Friday. VCPL (Vishwapradhan Commercial Pvt Ltd) is a subsidiary of adani Enterprises. On whose behalf it was said recently to convert the warrants received from RRPR into equity shares.

On august 23, a notice was sent by VCPAL to RRPR Holding stating that it was converting the warrants issued by it in the year 2009 into equity shares. After which they will have 99.5% percent control over the RRPR.

In a fresh notification sent to the stock exchange, VCPL said that it has asked the Income Tax Department to clarify its position in this regard. It is being told that the Income Tax Department has said in response to the same that no restriction has been imposed on its part in the matter of converting warrants into equity shares on RRPR. This notification has been issued by the Additional Commissioner of Income Tax.
Let us tell you that last week, RRPR said that it will need the permission of the Income Tax Department to exercise the warrants issued by it, which is 29.18% in the form of equity shares. Thereafter, adani Enterprises rejected the claim made by RRPR Holding, saying that these claims were not merit-based or law based. This is being said wrong on their part.

During the exchange filing, it was said by the company that the order of the Income Tax Department issued under 281B is only for those shares of NDTV which are with RRPR. It does not bar the formal process of converting warrants given by RRPR to VCPL into equity shares.

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D N INDUJAA

10/09/2022 08:49 PM