New Delhi Television (NDTV), the Delhi-based media firm that owns television channels NDTV 24*7 & NDTV India, today told the exchanges that it has plans to enter the bustling e-commerce space and has signed term sheets with potential investors. In a separate disclosure it also added that Genpact founder Pramod Bhasin, who is an independent director, will step down as he plans to join one of the media firm’s ventures.
The disclosure said, Bhasin “is contemplating entering into certain ventures with the Company and accordingly he has stepped down as an Independent Director of the Company. He will however continue to remain Non-executive Director of the Company.”
Soon after the Bhasin filing, the firm, which has faces a Rs 2 crore Sebi penalty for inadequate disclosures said in a separate filing: “With reference to the earlier letter dated March 23, 2015 wherein the Company had informed that the Board of Directors of the Company had accorded in principle approval for setting up of online ventures including digital transactions, New Delhi Television Ltd has now informed BSE that “the Company and NDTV Convergence Limited (NDTV Convergence), a subsidiary of the Company, have signed preliminary, non-binding term sheets with certain potential investors for e-commerce ventures in the field of food, auto and gadgets (Proposed Transactions).”
The firm promoted by veteran journalist Prannoy Roy and his wife Radhika Roy added, “Further, the term sheets are non-binding and are subject to the parties agreeing upon and executing the definitive agreements which will include detailed terms and conditions in relation to the Proposed Transactions.” The Proposed Transactions will be subject to various conditions precedent to be specified in the definitive agreements including due diligence, receipt of requisite corporate authorisations/ approvals and regulatory approvals.
“However, as a matter of good corporate governance practice, this is being disclosed to you and the public shareholders. In the event the discussions between the contracting parties in relation to the Proposed Transactions are successful and definitive agreements are executed, we shall accordingly update you,” the filing said.
If required, the Company and NDTV Convergence will seek their respective shareholders’ approval for amending their respective memorandum of association prior to undertaking the Proposed Transactions, it added.
In 2013, NDTV had launched a fashion portal called indiaroots.com offering ethnic wear.