NDTV case: Court accepts closure report

A court in Delhi Thursday accepted the CBI’s closure report in the 2017 case against NDTV’s former directors and promoters Prannoy Roy and Radhika Roy for allegedly causing a wilful loss of over Rs 48 crore to ICICI Bank.

“Upon going through the entire closure report, documents annexed with the same coupled with submissions made by ld. PP for CBI as well as statement given by the complainant to the effect that he is satisfied with the CBI investigation in the present case, this Court accepts the closure report filed by CBI as no criminality or violation of Section 19(2) of Banking Regulation Act, 1949 has been found by any of the accused persons. Therefore, the closure report appears to be satisfactory and hence it is accepted,” said Special Judge Shailender Malik of Rouse Avenue Court in his order dated January 23.  The CBI had alleged that in 2008-09, Prannoy and Radhika along with RRPR Holding Pvt Ltd entered into a criminal conspiracy with unknown officials of ICICI Bank and violated section 19(2) of the Banking Regulation Act. In its closure report, the agency stated that there was no collusion, criminal conspiracy, or abuse of official position by any public servant.

As per the CBI, in furtherance of the conspiracy, ICICI Bank advanced a loan of Rs 375 crore and allegedly took the entire shareholding of the erstwhile promoters in NDTV (61%) as collateral.  However, the CBI in its closure report submitted that the reduction of interest rates was not an isolated incident and the bank had reduced the interest rates in 83 loans from 2007 to 2010.