MUMBAI: India’s New Delhi Television Ltd (NDTV) sought to block Gautam Adani’s attempt to acquire majority stake in news network, saying regulatory restrictions meant bid from billionaire tycoon’s group could not proceed.

NDTV is regarded by some as one of few independent voices in India’s rapidly polarising media landscape and takeover attempt by Asia’s richest man has triggered concerns among journalists and politicians that change of ownership could undermine its editorial integrity. In a stock exchange filing, NDTV said its founders Prannoy and Radhika Roy have since 2020 been barred from buying or selling shares in India’s securities market, and so cannot transfer shares which Adani was trying to secure in a bid to exert control. Adani’s conglomerate said it was seeking a controlling stake in news channel, a move NDTV said was “entirely unexpected” and was taken without any discussion or consent of network.  The 2020 Securities and Exchange Board of India order cited by NDTV stated regulator had prohibited Roys from trading in Indian markets until November 26, 2022 after an investigation found they made wrongful gains linked to suspected insider trading of NDTV shares. “This seems like an effort by NDTV to stall or slow down process, but other than cause a delay, it is unlikely going to stop acquisition moving forward,” said Pritha Jha, a partner at Indian law firm Pioneer Legal. Jairam Ramesh a leader of India’s main opposition Congress party said on Twitter Adani’s takeover bid “is nothing but concentration of economic and political power and a brazen move to control and stifle any semblance of an independent media.” Adani has not commented on concerns around media independence following takeover bid.–Agencies

Published in The Daily National Courier, August, 26 2022

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