SpiceJet's Ajay Singh set to take control of NDTV

The stock of NDTV Ltd rose as much as 4.94% to the day’s high of Rs 53.1 on BSE

Although an unnamed SpiceJet official dismissed the claim, the report cited another anonymous source, who said "the deal has been finalised". Messages and emails sent to NDTV officials did not elicit any response.

Sources have confirmed to Indian Express that Ajay Singh, who is the chairman and managing director of SpiceJet will have controlling stake of around 40% in NDTVwhile 20% will be held by the promoters Prannoy Roy and his wife Radhika Roy.

According to a report by The Indian Express, the owner and co-founder of SpiceJet Ajay Singh has bought a majority stake in news channel NDTV.

It was said that Singh will take over the news channel along with the editorial rights.

The IE report also added that data available with BSE showed that the promoter holding in NDTV as of June 2017 stood at 61.45 per cent.

The report quoting the unnamed source said the total deal is valued at around Rs 600 crore and Ajay Singh will also pick up NDTV's debt of over Rs 400 crore.

The CBI had in June conducted searches at the residences of the Roys.

In a statement, the CBI explained the case and said: "The allegations under investigation are not regarding the default in loan repayment; but relate to the wrongful gain of Rs 48 crore to the promoters - Dr. Prannoy Roy, Smt Radhika Roy, M/s RRPR Holdings Pvt Ltd and a corresponding wrongful loss to the ICICI bank arising from their collusion and criminal conspiracy".

Ajay Singh is the co-founder and present owner of Indian low-priced airline SpiceJet.

Ajay Singh was one of the core advertising/campaigning team of the Bharatiya Janata Party (BJP) 2014 election campaign.

Apart from his political ties with the BJP, Singh has served on the Board of Delhi Transport Corporation in 1996 to help it prepare a plan to revamp the Delhi Transport Corporation.



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