Delhi court accepts CBI NDTV loan repayment case final report

2025-01-23 20:51:00 :

A Delhi court on Thursday accepted a closure report submitted by the CBI on alleged irregularities in ICICI Bank’s acceptance of NDTV loan repayments, saying “the situation appears satisfactory”.

Special Judge Shailender Malik accepted the closing report after going through the report, submissions of the CBI and the complainant in the case, who said he was satisfied with the investigation and did not want to file any protest petition.

“After reviewing the entire Closing Report, the attached documents and the submissions of the CBI Prosecutor and the complainant’s statement that he is satisfied with the CBI’s investigation of this case, this Court accepts the Closing Report… as no criminal conduct or violation has been found by any of the accused. 19(2) of the Banking Regulation Act, 1949, the closing report appears to be satisfactory and is therefore accepted.”

The closure report, filed last year after a six-year investigation, found no irregularities in the transactions between ICICI Bank and former NDTV promoters Prannoy Roy and Radhika Roy on the grounds that there was no element of criminality or illegality. .

The CBI claimed in the report that there was no conspiracy or criminal conspiracy or abuse of power by any public servant or official of ICICI Bank.

The case was filed based on a complaint by Sanjay Dutt of Quantum Securities Ltd., who alleged that ICICI Bank sanctioned a loan $In 2008, Rs 375 crore was secured against the entire 61% equity stake of the promoters of NDTV.

In 2022, the Adani Group acquired a controlling stake in NDTV, buying shares from the Roy family at a price nearly 17% higher than the price paid to minority shareholders.

The CBI, which submitted its closure report in October last year, also said the reduction in NDTV rates was not a “one-time event”.

The federal agency said repaying the loan at a reduced interest rate is “above the average cost of funds.”

The CBI also found that a forensic audit of the case conducted by Pramod Kumar and his associates, which described the repayments as “normal business transactions and loan termination”, did not violate the Banking Regulation Act.

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