News Broadcasting

Regulator Sebi orders open offer for NDTV within 45 days

Published

8 years ago

June 27, 2018

MUMBAI: Regulator Sebi on Tuesday cleared the decks for Vishvapradhan Commercial to make an open offer for NDTV Ltd to indirectly gain control of up to 52 per cent stake through a convertible loan of Rs 350 crore in 2009 ‘sourced’ from a partner company of Reliance Industries Ltd, reported news agency PTI.

Established in 2008, the ownership of ‘wholesale trading’ firm Vishvapradhan Commercial Private Ltd (VCPL) is believed to have shifted from RIL to Nahara group, from which the Mukesh Ambani-led company had acquired Infotel Broadband to re-enter the telecom business in 2010.

Sebi’s order comes after an investigation into an alleged violation of takeover norms by VCPL with regards to the loan with a 10-year period ending July 2019, with multiple clauses giving it control for up to 52 per cent of NDTV, the regulator said.

Sebi has also issued show-cause notices in this case to NDTV’s promoters — Prannoy Roy, his wife Radhika Roy and their holding firm RRPR — for allegedly failing to disclose the loan agreement with VCPL and partner companies.

While ordering the open offer — for securing up to 26 per cent shares in NDTV from public shareholders as per Sebi rules — the regulator noticed that VCPL had — in a letter on 25 March 2016 — disclosed that the “source for the loan was the borrowing from Reliance Strategic Investment Limited, a wholly owned subsidiary of Reliance Industries Limited”.

Although the regulator’s order did not disclose specifics of VCPL’s ownership pattern, it observed that the firm had a revenue of only Rs 60,000 in FY2017 and over Rs 400 crore in long-term loans and advances.

Stating that the financial statements offered by VCPL raise questions regarding its motive in signing a loan pact with the NDTV promoters, Sebi said it was obvious that they did “neither have the history of advancing such loans nor do they appear to have had the financial wherewithal to advance loans on such liberal terms”.

Sebi said the loan and call option agreements seemed to have been made use of to cover the trail of the transaction which was to acquire beneficial interest in NDTV.

“The elaborate mechanism adopted by the noticee (VCPL) and its associates appear to be solely to deflect attention from this acquisition and thus covetously overcome the obligations imposed by the Takeover Regulations,” Sebi said.

Sebi has directed VCPL to make a public offer for NDTV in the next 45 days and also make a payment, along with the offer price, an interest at the rate of 10 per annum to the company’s shareholders who held shares on the date of violation.

Sebi, in its 28-page order, stated that the NDTV promoters had made an open offer in 2008, securing a loan of Rs 540 crore from Indiabulls to fund that.

In order to pay off this loan, the company then secured another one to the tune of Rs 375 crore from ICICI Bank, which was repaid in 2009 by borrowing Rs 350 crore from VCPL with an agreement dated July 21, 2009.

Based on the key clauses of the Loan Agreement, Sebi said it was an unsecured loan minus any interest payment.

Sebi also stated that the “is not to secure the loan but to acquire control over all the affairs of the target company leaving only the right to control the editorial policies of NDTV to the promoters and borrowers, right from the day of execution of the loan agreement.”

The agreement offered for RRPR handing a warrant to VCPL, convertible into equity shares aggregating to 99.99 per cent of RRPR at the time of conversion at any time during the tenure of the loan or thereafter. This translates to a 26 per cent stake in media company.

VCPL can now buy from promoters all equity shares of RRPR at par value. There were also two call option agreements penned between Subhgami Trading Private Limited and RRPR, and Shyam Equities Private Limited and RRPR, respectively.

This gave a chance to Subhgami Trading and Shyam Equities an option to buy up to 26 per cent stake in NDTV from RRPR. These companies were allies of VCPL’s shareholders at the time.

Sebi said the agreements were in line with the strategy selected by VCPL to buy up to 52 per cent of NDTV shares via two modes — indirect acquisition of convertible warrants of the parent company; and by purchase of a freely exercisable call option to buy 26 per cent shares of NDTV.

According to Sebi this takeover exercise has been masked as a loan agreement with the primary intention of VCPL being able to seize control over NDTV without having to worry about replaying the loan from the promoters or borrowers.

After taking into account all submissions, Sebi stated that VCPL did indirectly seize control in NDTV Ltd, by entering into the loan and call option agreements, therefore allowing it to make an open offer based on takeover rules

According to Sebi, the conversion option permitting VCPL to 99.99 per cent of RRPR shares can be implemented even after the loan amount is settled.

The call option clause does not contain any time limitations and endows VCPL the right to pick up 26 per cent of NDTV at any time with no linkage to the loan.

News Broadcasting

Barc forensic audit in TRP row awaits as Twenty-Four probe gathers pace

Published

2 weeks ago

February 4, 2026

indiantelevision.com Team

KERALA: A forensic audit commissioned by the Broadcast Audience Research Council (BARC) India has emerged as the centrepiece of the government’s response to fresh allegations of television rating point manipulation involving a regional news channel in Kerala, with both the audit findings and a parallel police investigation still awaited.

Replying to a query in the Lok Sabha, minister of state for information and broadcasting L Murugan, said Barc had appointed an independent agency to conduct a forensic probe into the conduct of senior personnel allegedly linked to the case.

The move followed media reports claiming that a Barc employee had accepted bribes to manipulate viewership data in favour of a regional television news channel.

“The report from BARC is still awaited,” Murugan told Parliament, signalling that the forensic exercise remains ongoing.

Industry specialists say forensic audits are crucial in alleged TRP fraud cases, as they examine internal controls, data access trails, panel household integrity, staff communications and financial transactions. The outcome could determine whether the alleged manipulation was an isolated breach or a deeper systemic weakness in India’s television measurement framework.

Running alongside the audit, the Kerala Police has formed a special investigation team to probe the allegations. The ministry has sought a preliminary report from the state’s director general of police, including details of action taken on the first information report. That report, too, is yet to be submitted.

The episode has revived long-standing concerns over the vulnerability of India’s TRP system, particularly in regional news markets where competition for ratings is fierce and advertising revenues hinge on weekly viewership rankings.

India’s sole television audience measurement body Barc, has faced scrutiny before, most notably during the nationwide TRP controversy involving news channels in 2020. While tighter compliance norms were introduced in the aftermath, the latest allegations suggest enforcement challenges may persist.

On regulatory consequences, the government said any punitive action against television channels, including suspension or cancellation of uplinking and downlinking permissions, would be governed by the Policy Guidelines for Uplinking and Downlinking of Television Channels issued in November 2022, and would depend on investigation outcomes and due process.

The ministry also pointed to ongoing efforts to overhaul the ratings ecosystem. Television measurement continues to be regulated under the Policy Guidelines for Television Rating Agencies, 2014. Draft amendments were released for public consultation in July 2025, followed by a revised version in November 2025, aimed at tightening audit mechanisms and improving transparency and representativeness.

In November 2025, Barc said it had taken note of allegations aired by Malayalam news channel Twenty-Four, which linked an internal employee to irregularities in audience measurement. The council said it had engaged a “reputed independent agency” to conduct a comprehensive forensic audit, underscoring the seriousness of the claims.

The ratings system sits at the heart of India’s broadcast advertising economy, shaping billions of rupees in annual ad spends. With trust in audience data once again under strain, advertisers, broadcasters and regulators are closely watching the outcome of the investigations.

Barc has urged industry stakeholders and media organisations to exercise restraint while the probe is underway, calling for an end to “unverified or speculatory claims” and reiterating its commitment to integrity and accountability.

Until the forensic audit and police findings are submitted and reviewed, the government said it would refrain from drawing conclusions.

News Broadcasting

Rajat Sharma defamation row: Delhi court summons Congress leaders Ragini Nayak, Pawan Khera and Jairam Ramesh

Published

2 weeks ago

February 4, 2026

indiantelevision.com Team

NEW DELHI: A Delhi court has ordered the summoning of senior Congress leaders Ragini Nayak, Pawan Khera and Jairam Ramesh in a criminal case filed by veteran journalist Rajat Sharma, sharpening a legal battle over alleged defamation and doctored digital content.

The order was passed on Monday by Devanshi Janmeja, judicial magistrate first class at Saket Courts, after the court found prima facie grounds to proceed under multiple sections of the Indian Penal Code, including forgery, creation of false electronic records and defamation.

Sharma, chairman and editor-in-chief of India TV, had approached the court over allegations made in June 2024 that he had used derogatory language against Congress spokesperson Ragini Nayak during a live television debate. He denied the charge, claiming it was fuelled by a manipulated video circulated online.

According to the complaint, a clipped version of the broadcast carrying superimposed captions, which were not part of the original programme, was first shared on social media platform X by Nayak and later amplified through retweets and public statements by Khera and Ramesh. Sharma said the viral spread caused serious reputational harm and personal distress.

The court took note of forensic science laboratory findings that pointed to visible post-production alterations in the video, including added titles and captions. It also cited witness testimonies from those present during the live broadcast, who stated that no abusive or objectionable language had been used.

In a related civil matter, the Delhi High Court had earlier observed a prima facie absence of abusive remarks and directed the removal of the disputed social media posts.

With criminal proceedings now set in motion, the case adds to mounting scrutiny around political messaging, digital manipulation and accountability on social media platforms.

News Broadcasting

Mukesh Ambani, Larry Fink come together for CNBC-TV18 exclusive

Reliance and BlackRock chiefs map the future of investing as global capital eyes India

Published

2 weeks ago

February 4, 2026

indiantelevision.com Team

MUMBAI: India’s capital story takes centre stage today as Mukesh Ambani and Larry Fink sit down for a rare joint television conversation, bringing together two of the most powerful voices in global business at a moment of economic churn and opportunity.

The Reliance Industries chief and the BlackRock boss will speak with Shereen Bhan, managing editor of CNBC-TV18, in an exclusive interaction airing from 3:00 pm on February 4. The timing is deliberate. Geopolitics are tense, technology is disruptive and capital is choosier. India, meanwhile, is pitching itself as a long-term bet.

The pairing is symbolic. Reliance straddles energy transition, digital infrastructure and consumer growth in the world’s fastest-expanding major economy. BlackRock, the world’s largest asset manager, oversees more than $14 tn in assets and sits at the nerve centre of global capital flows. When the two talk, markets tend to listen.

Fink’s appearance marks his third India visit, a signal of the country’s rising strategic weight for the Wall Street-listed firm, which carries a market value above $177 bn. His earlier 2023 trips included an October stop in New Delhi, where he met both Ambani and Narendra Modi.

India is now central to BlackRock’s expansion plans, notably through its joint venture with Jio Financial Services. Announced in July 2023, the 50:50 venture, JioBlackRock, commits up to $150 mn each from the partners to build a digital-first asset-management platform aimed at India’s swelling investor class.

The backdrop is robust. BlackRock ended 2025 with record assets under management of $14.04 tn, helped by $698 bn in net inflows, including $342 bn in the fourth quarter alone. Scale gives Fink both heft and a long lens on where money is moving.

He has been openly bullish on India. At the Saudi-US Investment Summit in Riyadh last year, Fink argued that the “fog of global uncertainty is lifting”, with capital returning to dynamic markets such as India, drawn by reforms, demographics and durable return potential.

Expect the conversation to range beyond balance sheets, into technology’s role in finance, access to capital and the mechanics of sustainable growth in a fracturing world order. For investors and policymakers alike, it is a snapshot of how big money is thinking about India.

At a time when capital is cautious and growth is contested, India wants to be the exception. When Ambani and Fink share a stage, it is less a chat and more a signal. The world’s money is still looking for its next big story, and India intends to be it.