Legal experts stated on Wednesday that the circumstances under which the convertible warrants were given back in 2009–2010 will be significant, and any disagreement will be resolved in accordance with the contractual requirements, in light of the Adani group's hostile takeover proposal for NDTV. On Tuesday, the Adani group declared it had purchased a 29.18 percent investment in NDTV and will make a public offer to purchase an additional 26 percent of the business.

Adani group's acquisition of 34-year-old broadcaster NDTV will help its owner Gautam Adani, the world's fourth-richest man, to join a club of global tycoons in the media business. But behind that acquisition is an unpaid loan that New Delhi Television's (NDTV) founders Prannoy and Radhika Roy had taken from a company linked to rival billionaire Mukesh Ambani in 2009- 10.

Vishvapradhan Commercial Pvt Ltd had loaned Rs 403.85 crore to NDTV promoter company RRPR Holding Pvt Ltd. Against this interest-free loan, RRPR issued warrants to VCPL entitling it to convert them into a 99.9 percent stake in RRPR in case it isn't paid-back. VCPL ownership changed hands in 2012. Adani group firm first acquired VCPL from its new owner and exercised the option to convert unpaid debt into a 29.18 percent stake in the news channel company.

Thereafter, it made a Rs 493 crore open offer to buy an additional 26 percent stake from the public in line with the country's takeover norms. Roys considered Adani's approach hostile, saying the acquisition was without discussion, consent, or notice. With NDTV, Adani joins the league of the likes of Jeff Bezos who owns the Washington Post and the Murdoch family that runs Fox Corporation.

Control of NDTV not transferred to VCPL via loan agreement: SAT

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