NDTV Appoints Former Sebi Chief UK Sinha And Welspun CEO Dipali Goenka As Independent Directors

Sinha and Goenka have been appointed as additional directors in the capacity of non-executive independent directors with effect from March 27, 2023, for two years, up to March 26, 2025, NDTV said

Adani Group-owned NDTV Ltd on Monday said it has appointed Upendra Kumar Sinha, former chairman of the Securities and Exchange Board of India (Sebi), and Dipali Goenka, Welspun India chief executive officer (CEO) and managing director (MD), as independent directors in the company. In a regulatory filing, the company said that NDTV Board has approved the appointment of Sinha and Goenka with immediate effect.

Sinha and Goenka have been appointed as additional directors in the capacity of non-executive independent directors with effect from March 27, 2023, for two years, up to March 26, 2025, NDTV said. The appointments are subject to approval in the ensuing general meeting of the company and the Ministry of Information & Broadcasting, the broadcaster added.

The Board approved their appointments "in line with the Group's objective to ensure complete independence and professionalism of the Board of Directors of New Delhi Television Ltd", the filing added.

Sinha, a former bureaucrat, served as the chairman of the Sebi between 2011 and 2017. Before this, he was the chairman and managing director at UTI Asset Management Company Pvt Ltd for six years.  Goenka, on the other hand, is the CEO and MD of the leading textile firm Welspun India Ltd.

Last year in December, Adani Group gained full control of news broadcaster NDTV after it acquired most of the stake of founders Prannoy Roy and Radhika Roy at a premium of almost 17 per cent over the rate it paid to minority shareholders of the firm.

The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 per cent of the issue size of 16.7 million shares, so far, the exchange data showed. The open offer closed on December 5 last year.

Adani Enterprises in a regulatory filing in October had said, "The decision to acquire NDTV was arrived at in furtherance of Adani Group's objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision." Adani Group now holds over 64 per cent of New Delhi Television Ltd (NDTV). 

On Tuesday at 11 am, shares of NDTV were trading at Rs 174.35 apiece, down 4.99 per cent, on  the BSE.