Ajay Singh gets NDTV control

Ajay Singh the founder and current managing director of spice jet, in Gurgaon on Wednesday. Express Photo by Manoj Kumar. 10.02.2016. *** Local Caption *** Ajay Singh the founder and current managing director of spice jet, in Gurgaon on Wednesday. Express Photo by Manoj Kumar. 10.02.2016.

New Delhi: With its founders Prannoy Roy, Radhika Roy and promoter firm RRPR Holding Pvt Ltd facing a CBI investigation, NDTV is set to change hands.

According to the sources, Ajay Singh, co-founder and owner of SpiceJet who was part of the BJP’s 2014 poll campaign, has picked up majority holding in the news channel. When asked if NDTV has been sold to SpiceJet’s Ajay Singh, the source said, “Yes, the deal has been finalised and Ajay Singh will take control of NDTV along with editorial rights.”

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It is worthwhile pointing out that on June 5, the CBI conducted searches at the residences of the Roys. Calling the raids a “blatant attack on the freedom of the press,” NDTV, in a statement, said that the CBI had filed its FIR based on a “shoddy complaint” by a “disgruntled” former NDTV consultant who has not obtained a “single order from the courts.”

Ajay Singh will have controlling stake in NDTV of around 40 per cent and the promoters Prannoy Roy and Radhika Roy will hold around 20 per cent in the company.

A part of the cash (up to Rs 100 crore) will also go to the Roys.

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When asked about the NDTV deal, a SpiceJet official said “it’s absolutely false and baseless.” Messages and emails sent to NDTV officials did not elicit any response.

An alumnus of Delhi’s St. Columba’s school, Singh is a graduate of IIT Delhi, an MBA from Cornell University and a Bachelor’s degree in Law (LLB) from Law Faculty, University of Delhi.