UK Sinha, a former chairman of the Securities and Exchange Board of India (Sebi), has been named non-executive chairman and additional director of New Delhi Television Limited (NDTV) till March 26, 2025. The NDTV board authorised the nomination following the company's acquisition by the Gautam Adani-controlled Adani Group from its former promoters, Prannoy Roy and Radhika Roy.
The appointment must receive the ministry of information and broadcasting and the company's approval at the following general meeting, per a regulatory submission to the bourses.
As a non-executive independent woman director, Dipali Goenka, MD and CEO of Welspun India, has also been appointed as a new director.
In August last year, the Adani Group acquired an indirect 29.18 per cent ownership in NDTV by acquiring the shares of Vishva Pradhan Commercial Private Limited (VCPL), which, in turn, had 99.5 per cent stake in RRPR Holding, a promoter group entity of NDTV.
Post the open offer, Adani Group, through its subsidiaries, holds around 37.5 per cent stake in the media company. Post the offer, Adani Group also increased the offer price by Rs 48.65, bringing the final price to Rs 342.65.
Post the stake sale, an exchange submission by the Roys stated: "Since the open offer was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness."
According to NDTV's Q3 figures, the third quarter's sluggish demand for advertising caused its profit to more than drop. The broadcaster's consolidated net profit decreased to Rs 12.9 crore in the third quarter ended Dec. 31, from Rs 27.6 crore in the year-ago period.
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