NEW DELHI: Adani Group has dismisised NDTV promoter group conglomerate RRPR Holding's contention that the IT department has provisionally attached its stakeholding in the media company.

 Adani Group described RRPR Holding's statement as misconceived and misleading and has asked the NDTV promoter group entity to convert the warrants into equity shares, as per regulatory filing with the Bombay Stock Exchange on Wednesday.

After RRPR Holding informed Adani Enterprises' indirect subsidiary Vishvapradhan Commercial Private Limited (VCPL) that its (RRPR Holding's) stake in NDTV has been provisionally attached by the Income Tax authorities and needs the I-T department's approval for transfer, Adani Group wrote a letter to the BSE. 

A procedure has been started by VCPL and a few other parties to acquire a sizeable stake in the media organisation; NDTV has referred to this action as a hostile takeover.

On August 23, the Adani Group announced that it has acquired a 99.99% holding in RRPR Holding through the acquisition of VCPL, which controls a 29.18% indirect stake in NDTV.

Adani Group has requested that RRPR Holding take all necessary actions to fulfil its obligation as stated in the notice and finish the formal steps of allotment of equity shares of RRPR to VCPL. In the BSE filing on September 1, Adani Group asked RRPR Holding to withdraw its letter and described it as an effort to further excessively delay the process of warrant conversion.

The group has requested that RRPR Holding (RRPRH) retract the letter, alleging that it was drafted with the purpose of further excessively delaying the warrant conversion and performing its obligations without any further delay.

NDTV to be of Adani! Group will bring open offer on Oct 17

Gautam Adani is only Asian to ever crack the top three richest people in the world

Adani Group makes Rs 31,000-Cr open offer for ACC, Ambuja Cements