One such loan agreement was with ICICI Bank while two loans were from a little-known entity, Vishvapradhan Commercial Private Ltd (VCPL). The ICICI Bank loan had a clause wherein the three promoters of NDTV had undertaken not to permit any major corporate restructuring, merger, etc. However, one of the terms of the new loan effectively gave VCPL control over the entire shareholding of RRPR Holdings. The regulator also accused them of having violated the NDTV Code of Conduct, which they were supposed to abide by as chairman and MD. “Any fraudulent act directly designed to defraud such investors cannot be treated as good for the securities market and for the interest of investors.

Source: The Telegraph June 14, 2019 15:22 UTC