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No restrictions on RRPR Holding for warrant conversion, says I-T dept

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RRPR Holding, the promoter entity of the New Delhi Television (NDTV), does not need the income tax department’s approval for converting warrants into equity shares to Visvapradhan Commercial (VCPL), an indirect subsidiary of Adani Enterprises, the latter said late on Friday.


In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax, dated September 7, that there were no restrictions on RRPR to carry out the exercise of warrants into equity.


“The prohibition under orders u/s 281B during the period of their operation is on M/s. RRPR Holding Private Limited for selling or transfer of its shareholding in M/s. New Delhi Television Limited and from creating/causing any charge only, irrespective of the shareholding pattern of M/s. RRPR Holding Private Limited who exercises control thereon and not on the issuance of shares of M/s. RRPR Holding Private Limited, ” the reply said.


The reply follows RRPR’s contention last week that it would need the go-ahead from the IT department for converting the warrants, which was 29.18 per cent.


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