Adani group rejects NDTVs assertion of Sebi nod needed for share acquisition

TIL Desk/National/New Delhi/ Adani group on Friday rejected NDTV’s assertion that Sebi’s approval is necessary to acquire interests in RRPR, saying the promoter entity is not a part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market.

Terming the contentions raised by RRPR as “baseless, legally untenable and devoid of merit”, VCPL said the holding firm is “bound to immediately perform its obligation and allot the equity shares” as specified in the Warrant Exercise Notice.

In a regulatory update, Adani Enterprises Ltd said VCPL has received a reply on behalf of RRPR to the Warrant Exercise Notice dated August 23, 2022.

“RRPR is not a party to the SEBI Order dated 27th November 2020. Consequently, the restraints as pointed out by RRPR in paragraphs 111(b) and 112 of the SEBI Order do not apply to RRPR,” Adani Enterprises said in the regulatory update.

The Warrant Exercise Notice was issued by its subsidiary Vishvapradhan Commercial Private Ltd (VCPL) under a contract, which is binding on RRPR, it added. “RRPR is therefore obligated to comply with its contractual obligations,” Adani Enterprises said.

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