MUMBAI/BENGALURU: New Delhi Television Ltd (NDTV) on Thursday said Adani Group needs regulatory approval to buy its biggest shareholder, as its founders - who own the target firm - are barred from trading in securities markets.

Indian billionaire Gautam Adani’s conglomerate on Tuesday said it was seeking a controlling stake in the news channel.

NDTV said the action “was executed without any input from, conversation with, or consent of the NDTV founders”.

NDTV founders Radhika and Prannoy Roy took a 4 billion rupee ($50 million) loan from little-known firm VCPL over 10 years ago, and in exchange issued warrants allowing VCPL to buy 29.18% of the news group.

India’s NDTV rises 5% after Adani makes bid ‘without consent’

The Adani Group said on Tuesday it had acquired VCPL and is exercising those rights.

NDTV on Thursday cited a November 2020 ruling from the Securities and Exchange Board of India (SEBI) barring the Roys from accessing the securities market until Nov. 26, 2022.