SpiceJet owner, who coined ‘Ab Ki Baar Modi Sarkar’ to take over NDTV with editorial rights  

September 22, 2017, 11:46 am
SpiceJet owner, who coined ‘Ab Ki Baar Modi Sarkar’ to take over NDTV with editorial rights  
BUSINESS NEWS
BUSINESS NEWS
SpiceJet owner, who coined ‘Ab Ki Baar Modi Sarkar’ to take over NDTV with editorial rights  

SpiceJet owner, who coined ‘Ab Ki Baar Modi Sarkar’ to take over NDTV with editorial rights  

After a CBI case was initiated against NDTV founders Prannoy Roy and Radhika Roy, as well as promoter firm RRPR Holding Pvt Ltd over the alleged concealment of a share transaction, the NDTV is reportedly planning to change the hands. Ajay Singh, co-founder and owner of SpiceJet, and the man who coined BJP’s 2014 election catchphrase, Ab Ki Baar Modi Sarkar, is all set to take over the NDTV with editorial rights.

Singh was part of the BJP’s 2014 poll campaign, and a source confirmed to The Indian Express his share in the company.

“Yes, the deal has been finalised and Ajay Singh will take control of NDTV along with editorial rights,” sources told the daily.

According to reports, Singh will have controlling stake in NDTV of around 40 percent while the promoters Prannoy Roy and Radhika Roy will hold around 20 percent in the company.

The CBI, in June, had conducted searches at the residences of the Roys. Calling the raids a “sinister move and “blatant attack on the freedom of the press,” NDTV, in a statement, said that the CBI had filed its FIR based on a “shoddy complaint” by a “disgruntled” former NDTV consultant who has not obtained a “single order from the courts.”

According to BSE data, the promoter holding in NDTV as of June 2017 stood at 61.45 percent. Public shareholding in the company stands at 38.55 percent. The source said that Ajay Singh will also pick up NDTV’s debt of over Rs 400 crore and the total deal is valued at around Rs 600 crore.

However a SpiceJet official rubbished the reports of Singh taking over the channel. NDTV has not reacted yet on the development.