The news of Adani group's media arm buying 29 percent stake in NDTV, one of the leading news channels in India, has sent internet into a frenzy. From labelling the acquisition a "hostile takeover" to spurning rumours about front-running stocks, this may just be the beginning of what could be a dramatic battle. All that aside, a fresh set of rumours involving Ravish Kumar started trending on Twitter, stating the news anchor has quit NDTV amid the news of Adani buying NDTV shares.

Ravish Kumar, who has been with NDTV for over 15 years and led primetime shows such as Prime Time, Ravish Ki Report, Hum Log and more, reacted to the rumours and set the record straight. Kumar vehemently denied reports of resignation from NDTV, but did so in a snarky tweet.

Ravish Kumar, NDTV news anchor
Ravish Kumar, NDTV news anchorIANS

"Honorable People,

The point of my resignation is just like the rumor that Prime Minister Narendra Modi has agreed to give me an interview and Akshay Kumar is waiting for me at the gate with Bombay mangoes.


Ravish Kumar,

The world's first and most expensive zero TRP anchor" - the tweet read.

Adani group acquiring NDTV shares

Adani Enterprises Ltd intimated the stock exchanges on the exercise by VCPL, its wholly-owned subsidiary, of warrants of RRPR to acquire 99.5 per cent of RRPR and consequent indirect acquisition of 29.18 per cent NDTV shares held by RRPR. It has also announced an open offer for up to 26 per cent stake in NDTV at a price of Rs 294 per share.

Adani takeover bid of NDTVIANS

This news spiralled into a full-blown controversy when NDTV said that VCPL exercised its rights to acquire 99.50 per cent control of RRPR Holding Private Limited (RRPRH), the promoter-owned company that owns 29.18 per cent of NDTV without any input from, conversation with, or consent of the NDTV founders.

VCPL is the wholly-owned subsidiary of AMG Media Networks Ltd (AMNL), the media arm of Adani Enterprises Ltd (AEL). VCPL holds warrants of RRPR, entitling it to convert them into 99.99 per cent stake in the latter. VCPL has exercised the warrants to acquire 99.5 per cent stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR.

But labelling the acquisition of RRPR as hostile takeover seems baseless as the latter had taken a loan in 2009, which gave VCPL the warrants to be converted into shares at any time. But it is also worth mentioning that this move will have no influence on NDTV's editorial decisions as Adani group will not be the majority or 55 percent shareholder in the news channel to veto any decisions of the board.