SpiceJet's Ajay Singh set to take control of NDTV

How Ajay Singh who was rumoured to buy NDTV turned Spice Jet back into shape

The Roys and the channel's promoter firm RRPR Holding Pvt Ltd are facing a Central Bureau of Investigation (CBI) investigation for allegedly concealing a share transaction.

The IE article said that the founders will be reduced to minority shareholders with just 20 percent shares, while SpiceJet co-founder Ajay Singh will hold 40 percent shares.

A Senior official from NDTV has denied reports that SpiceJet's owner and co-founder Ajay Singh was set to take over the leading channel.

The CBI conducted searches in Roy's residence on June 5, where NDTV stood up for their owners and called the raids a "blatant attack on the freedom of the press", in a statement. Refuting the allegations, NDTV had said that the CBI had filed its FIR based on a complaint by a "disgruntled" former NDTV consultant.

Ajay Singh bought grounded ModiLuft and then renamed it, and relaunched it as Spicejet.

Ram Rahim used to organise 'Bigg Boss'-like show: Honeypreet's ex-husband
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"Yes, the deal has been finalised and Ajay Singh will take control of NDTV along with editorial rights", the paper quoted a source as saying. The report also suggested that the Spicejet head will also pick up INR 400 crores worth of debt.

Until June, the promoters owned 61.45% stake in NDTV, while public entities held 38.55% stake. The total deal is valued at about Rs 600 crore.

It has, however, turned the spotlight firmly back on Ajay Singh, just a few months after he made headlines when Bloomberg crowned the once-ailing SpiceJet the top performing aviation stock in the world. Singh is a known supporter of the ruling BJP and has been even part of the party's 2014 election campaign. Singh also served on the Board of Delhi Transport Corporation, also prepared a plan to revamp it, and after two-and-a-half years, the fleet rose from 300 to 6000.

The same report, carried on Sify.com too, noted that according to SpiceJet's annual report for 2007-08, Singh was chairman of the audit committee of Cranes Software, now a penny stock.

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