SEBI Alleges Pranav Adani Shared NDTV Open Offer Information with Relatives

In its notice, dated October 15, 2025, SEBI alleged that Kunal, Nripal, and Dhanpal Shah had phone conversations with Pranav Adani, indicating the frequency of communication between these individuals and Pranav Adani during the UPSI (unpublished price sensitive information) period.

Last week, SEBI dropped the insider trading case against Pranav Adani and his brothers-in-law Nripal and Kunal Shah, citing lack of evidence. SEBI had alleged that Pranav Adani shared price-sensitive information about Adani Green Energy's acquisition of SoftBank-backed SB Energy Holdings with his relatives before the deal was announced.

It may be recalled that on August 23, 2022, JM Financial, the manager of the open offer, informed the stock exchanges after market hours about a public announcement regarding the open offer for NDTV.
The announcement stated that Vishwapradhan Commercials, along with its consortium partners – AMG Media Networks and Adani Enterprises – would acquire up to 26% of NDTV's share capital from public shareholders.