New Delhi Television Ltd founders Prannoy Roy and Radhika Roy have resigned as directors of promoter group vehicle RRPRH with immediate effect, the company said in a regulatory filing late Tuesday.

NDTV, founded in 1988 and owned by husband-and-wife team Prannoy Roy and Radhika Roy, had previously said the takeover move “was executed without any input from, conversation with, or consent of the NDTV founders”.

The promoter group vehicle, which owns 29.2 percent and is the largest shareholder of NDTV, approved the appointment of Sudipta Bhattacharya, Senthil Sinniah Chengalvarayan, Sanjay Pugalia as directors on its board, NDTV said in a regulatory filing, a Reuters report said.

In a letter on Tuesday, NDTV told the Bombay Stock Exchange, “NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved: 1. Appointment of Mr. Sudipta Bhattacharya (DIN: 0006817333), Mr. Sanjay Pugalia (DIN: 0008360398), and Mr. Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and 2. Resignation of Dr. Prannoy Roy (DIN: 00025576) and Mrs. Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.”

The resignations of the Roys came a day after NDTV said on Monday an entity backed by its founders had issued shares to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to taking over the media firm.

The transfer of shares will give Adani control over a 29.18 percent stake in the news group. Adani is also conducting an open offer running between November 22 and December 5 for a 26 percent stake in NDTV.

The open offer drew bids for 5.3 million shares as of Monday’s close, or around 32 percent of the 16.8 million shares on offer, exchange data showed, according to a Reuters report.

The ports-to-energy conglomerate run by Asia’s richest man unveiled plans late in August to acquire a majority stake in the popular news network, seen as a bastion of independent media.

More than a decade ago, NDTV founders Radhika and Prannoy Roy took a Rs. 4 billion ($49.00 million) loan from a company that Adani acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18 percent stake in the news group.

NDTV had sought to block the transfer of shares in August, saying its founders had since 2020 been barred from buying or selling shares in India’s securities market, and so cannot transfer shares which Adani was trying to secure in a bid to exert control.

NDTV said the entity backed by its founders issued shares after the market regulator’s restrictions on its founders expired on November 26.