Adani rejects NDTV contention that stake sale needs I-T Dept approval

Adani Enterprises on Thursday rejected RRPR Holding's contention that it would need the Income Tax department's nod to convert warrants into equity shares to Vishvapradhan Commercial (VCPL), its indirect subsidiary. RRPR is a promoter group entity of New Delhi Television (NDTV), which is at the centre of an acquisition by the Adani group. 

Adani Enterprises said that the RRPR disclosure lacked bonafides and had no merit or basis either in law or in fact and was misconceived.

"The IT Orders only applies to the shares of NDTV held by RRPR and in no manner restricts RRPR from