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Regulator Sebi orders open offer for NDTV within 45 days
MUMBAI: Regulator Sebi on Tuesday cleared the decks for Vishvapradhan Commercial to make an open offer for NDTV Ltd to indirectly gain control of up to 52 per cent stake through a convertible loan of Rs 350 crore in 2009 ‘sourced’ from a partner company of Reliance Industries Ltd, reported news agency PTI.
Established in 2008, the ownership of ‘wholesale trading’ firm Vishvapradhan Commercial Private Ltd (VCPL) is believed to have shifted from RIL to Nahara group, from which the Mukesh Ambani-led company had acquired Infotel Broadband to re-enter the telecom business in 2010.
Sebi’s order comes after an investigation into an alleged violation of takeover norms by VCPL with regards to the loan with a 10-year period ending July 2019, with multiple clauses giving it control for up to 52 per cent of NDTV, the regulator said.
Sebi has also issued show-cause notices in this case to NDTV’s promoters — Prannoy Roy, his wife Radhika Roy and their holding firm RRPR — for allegedly failing to disclose the loan agreement with VCPL and partner companies.
While ordering the open offer — for securing up to 26 per cent shares in NDTV from public shareholders as per Sebi rules — the regulator noticed that VCPL had — in a letter on 25 March 2016 — disclosed that the “source for the loan was the borrowing from Reliance Strategic Investment Limited, a wholly owned subsidiary of Reliance Industries Limited”.
Although the regulator’s order did not disclose specifics of VCPL’s ownership pattern, it observed that the firm had a revenue of only Rs 60,000 in FY2017 and over Rs 400 crore in long-term loans and advances.
Stating that the financial statements offered by VCPL raise questions regarding its motive in signing a loan pact with the NDTV promoters, Sebi said it was obvious that they did “neither have the history of advancing such loans nor do they appear to have had the financial wherewithal to advance loans on such liberal terms”.
Sebi said the loan and call option agreements seemed to have been made use of to cover the trail of the transaction which was to acquire beneficial interest in NDTV.
“The elaborate mechanism adopted by the noticee (VCPL) and its associates appear to be solely to deflect attention from this acquisition and thus covetously overcome the obligations imposed by the Takeover Regulations,” Sebi said.
Sebi has directed VCPL to make a public offer for NDTV in the next 45 days and also make a payment, along with the offer price, an interest at the rate of 10 per annum to the company’s shareholders who held shares on the date of violation.
Sebi, in its 28-page order, stated that the NDTV promoters had made an open offer in 2008, securing a loan of Rs 540 crore from Indiabulls to fund that.
In order to pay off this loan, the company then secured another one to the tune of Rs 375 crore from ICICI Bank, which was repaid in 2009 by borrowing Rs 350 crore from VCPL with an agreement dated July 21, 2009.
Based on the key clauses of the Loan Agreement, Sebi said it was an unsecured loan minus any interest payment.
Sebi also stated that the “is not to secure the loan but to acquire control over all the affairs of the target company leaving only the right to control the editorial policies of NDTV to the promoters and borrowers, right from the day of execution of the loan agreement.”
The agreement offered for RRPR handing a warrant to VCPL, convertible into equity shares aggregating to 99.99 per cent of RRPR at the time of conversion at any time during the tenure of the loan or thereafter. This translates to a 26 per cent stake in media company.
VCPL can now buy from promoters all equity shares of RRPR at par value. There were also two call option agreements penned between Subhgami Trading Private Limited and RRPR, and Shyam Equities Private Limited and RRPR, respectively.
This gave a chance to Subhgami Trading and Shyam Equities an option to buy up to 26 per cent stake in NDTV from RRPR. These companies were allies of VCPL’s shareholders at the time.
Sebi said the agreements were in line with the strategy selected by VCPL to buy up to 52 per cent of NDTV shares via two modes — indirect acquisition of convertible warrants of the parent company; and by purchase of a freely exercisable call option to buy 26 per cent shares of NDTV.
According to Sebi this takeover exercise has been masked as a loan agreement with the primary intention of VCPL being able to seize control over NDTV without having to worry about replaying the loan from the promoters or borrowers.
After taking into account all submissions, Sebi stated that VCPL did indirectly seize control in NDTV Ltd, by entering into the loan and call option agreements, therefore allowing it to make an open offer based on takeover rules
According to Sebi, the conversion option permitting VCPL to 99.99 per cent of RRPR shares can be implemented even after the loan amount is settled.
The call option clause does not contain any time limitations and endows VCPL the right to pick up 26 per cent of NDTV at any time with no linkage to the loan.
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Induction cooktop demand spikes 30× amid LPG supply concerns
Supply worries linked to West Asia tensions push households and restaurants to turn to electric cooking alternatives
MUMBAI: As geopolitical tensions in West Asia ripple through global energy supply chains, the familiar blue flame in Indian kitchens is facing an unexpected challenger: electricity.
What began as concerns over the availability of liquefied petroleum gas (LPG) has quickly evolved into a technology-driven shift in cooking habits. Households across India are increasingly turning to induction cooktops and other electric appliances, initially as a backup but now, for many, a necessity.
A sudden surge in demand
Recent data from quick-commerce and grocery platform BigBasket highlights the scale of the shift. According to Seshu Kumar Tirumala, the company’s chief buying and merchandising officer, demand for induction cooktops has risen dramatically.
“Induction cooktops have seen a significant surge in demand, recording a fivefold jump on 10 March and a thirtyfold spike on 11 March,” Tirumala said.
The increase stands out sharply when compared with broader kitchen appliance trends. Most appliance categories are growing within 10 per cent of their typical demand levels, while induction cooktops have witnessed explosive growth as households rush to secure an alternative cooking option.
Major e-commerce platforms including Amazon and Flipkart have reported rising searches and orders for induction stoves. Quick-commerce apps such as Blinkit and Zepto have also witnessed stock shortages in major metropolitan areas including Delhi, Mumbai and Bengaluru.
What was once considered a convenient appliance for hostels, small kitchens or occasional use has suddenly become an essential addition in many homes.
A crisis thousands of miles away
The trigger for this shift lies far beyond India’s kitchens.
Escalating conflict in the Middle East has disrupted shipping routes through the Strait of Hormuz, one of the world’s most critical energy corridors. Nearly 85 to 90 per cent of India’s LPG imports pass through this narrow waterway, making the country particularly vulnerable to supply disruptions.
The ripple effects have been swift.
India currently meets roughly 60 per cent of its LPG demand through imports, and tightening global supply has already begun to affect domestic availability and prices.
Earlier this month, the price of domestic LPG cylinders increased by Rs 60, while commercial cylinders rose by more than Rs 114.
To discourage panic buying and hoarding, the government has also extended the mandatory waiting period between domestic refill bookings from 21 days to 25 days.
Restaurants feel the pressure
The strain is not limited to households. Restaurants, hotels and roadside eateries are also grappling with supply constraints as commercial LPG availability tightens under restrictions imposed through the Essential Commodities Act.
In cities such as Bengaluru and Chennai, restaurant associations report that commercial LPG availability has dropped by as much as 75 per cent, forcing many establishments to rethink their kitchen operations.
Some restaurants have reduced menu offerings, while others are rapidly installing high-efficiency induction systems, creating hybrid kitchens where electricity now shares the workload with gas.
For smaller eateries and roadside dhabas, the shift is less about sustainability and more about survival.
A potential structural shift
The government has maintained that there is no nationwide LPG crisis and has directed refineries to increase production to stabilise supply.
Nevertheless, the developments of March 2026 may already be triggering a longer-term behavioural shift.
For decades, LPG has been the backbone of cooking in Indian households. However, recent disruptions have highlighted the risks of relying on a single fuel source.
Increasingly, households appear to be hedging against uncertainty by adopting electric cooking options to guard against price volatility and delivery delays.
If the current trend continues, the induction cooktop, once viewed as a niche appliance, could emerge as a quiet symbol of India’s evolving kitchen economy.
