By NL Team
The CBI on Tuesday filed a closure report in a case of alleged cheating against former NDTV promoters and directors Prannoy Roy and Radhika Roy as it could not find legally tenable evidence in the Rs 48 crore loss incurred by ICICI Bank in the settlement of a loan in 2009, officials told PTI.
This comes nearly two years after the Adani takeover of NDTV.
The CBI had lodged an FIR in 2017 based on a complaint from an individual, Sanjay Dutt, of Quantum Securities Ltd who alleged that RRPR Holdings Pvt Ltd, associated with the Roys, had taken a Rs 500 crore loan from India Bulls Pvt Limited to acquire a 20 percent stake in NDTV through a public open offer.
According to the FIR, RRPR Holdings also took out a Rs 375 crore loan from ICICI Bank at an interest rate of 19 percent per annum to repay the loan from India Bulls.
The complaint alleged that the Roys pledged their entire shareholding as collateral for this loan, failing to report the pledging to the Securities and Exchange Board of India, stock exchanges, or the Ministry of Information and Broadcasting.
Newslaundry had earlier detailed the FIR and the complaint.
In August 2019, Prannoy Roy and Radhika Roy were prevented from leaving the country. The basis of this was a lookout circular issued in relation to the CBI case. Days later, the CBI had booked Roys for alleged violation of FDI rules. NDTV had denied the allegations.
In June 2019, SEBI had barred the Roys from occupying directorial or key managerial positions in the channel for a period of two years. This order was later stayed by the Securities Appellate Tribunal.
Read this to understand who owns NDTV.
This story was originally published in newslaundry.com.
