Photo: Kamlesh Pednekar
Vishvapradhan Commercial Pvt Ltd (VCPL) has decided to appeal against the Securities and Exchange Board of India's (Sebi's) order issued last Tuesday directing the company to make an open offer within 45 days to acquire shares of NDTV Ltd.
The reason for the Sebi order was that VCPL has indirectly acquired control of over 52 per cent of the media company without making an open offer. Sources close to Vishvapradhan confirmed that the company has decided to appeal against the decision in the Securities Appellate Tribunal -- a statutory body that has been set up to hear appeals against Sebi orders.
With the Sebi order, the share price of NDTV has risen substantially in the past few days, going up from Rs 38.80 on June 27 to Rs 56.30 on July 2.