Spicejet Co-Founder Ajay Singh ready to take charge of NDTV

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Spicejet Co-Founder Ajay Singh ready to take charge of NDTV

Mumbai: Shares of news broadcast network New Delhi Television, NDTV, shot up more than 5 per cent, breaking the upper circuit limit of Rs 53.10, on Friday as news that Ajay Singh - managing director of SpiceJet - has bought a controlling stake in the ailing company came in.

"Yes, the deal has been finalised and Ajay Singh will take control of NDTV along with editorial rights", a source has been quoted as saying in the report.

As per the Bombay Stock Exchange records, the promoter holding in NDTV as on June 2017 stood at 61.45 per cent, and public shareholding in the company is at 38.55 per cent, according to Indian Express.

According to the IE report, the transaction will include Rs 400 crore debt of NDTV.

NDTV founders Prannoy Roy, Radhika Roy and its promoter firm RRPR Holding are now facing a CBI probe.

In a statement, the CBI explained the case and said: "The allegations under investigation are not regarding the default in loan repayment; but relate to the wrongful gain of Rs 48 crore to the promoters - Dr. Prannoy Roy, Smt Radhika Roy, M/s RRPR Holdings Pvt Ltd and a corresponding wrongful loss to the ICICI bank arising from their collusion and criminal conspiracy". NDTV officials were not available for comment as per the report.

Singh had acquired the airline for just Rs 2 from Kalanithi Maran.

"Singh is involved with Bhartiya Janata Party and he also coined the slogan "Abki Baar Modi Sarkar."
Ajay Singh has been credited with turning around SpiceJet after he took over the carrier that was flying in rough weather at the time.

In 1996, he was asked to serve on the Board of Delhi Transport Corporation and prepare a plan to revamp DTC. He is known to have played a key role in its turnaround and in the two and a half years that he spent at DTC, its fleet rose from 300 to about 6000.

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