Rs. 48 crore loss to ICICI Bank: CBI files case against NDTV promoter Prannoy Roy and wife, carries out searches

June 05, 2017

New Delhi: The Central Bureau of Investigation has registered a case against two Promotors/Directors (Dr Prannoy Roy and hi wife Radhika Roy) of a private company based at Delhi; said private company; other New Delhi based TV Company (NDTV); unknown officials of ICICI Bank and unknown others u/s 120 B and 420 of IPC r/w 13(2) r/w 13(1)(d) of PC Act, 1988 on a complaint for causing an alleged loss of Rs.48 crore to ICICI Bank.

 

Complaint filed against
1. M/s RRPR Holding Pvt., Ltd., E-186, Basement Greater Kailash -1, New Delhi

2. Shri Pranoy Roy, B-207, Greater Kailash Part – 1, New Delhi

3. Ms Radhika Roy, same address

4. Unknown officials of ICICI Bank Ltd.

5. M/s NDTV India Ltd., 207 – Okhala Industrial Estate, Phase – 3, New Delhi 110020.

6. Unknown others

 

Sections under which accused are booked

-Section 120B in The Indian Penal Code
1[120B. Punishment of criminal conspiracy.—

(1) Whoever is a party to a criminal conspiracy to commit an offence punishable with death, 2[imprisonment for life] or rigorous imprisonment for a term of two years or upwards, shall, where no express provision is made in this Code for the punishment of such a conspiracy, be punished in the same manner as if he had abetted such offence.
(2) Whoever is a party to a criminal conspiracy other than a criminal conspiracy to commit an offence punishable as aforesaid shall be punished with imprisonment of either description for a term not exceeding six months, or with fine or with both.]
-Section 420 in The Indian Penal Code
420. Cheating and dishonestly inducing delivery of property.—Whoever cheats and thereby dishonestly induces the person de­ceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.

Prevention of Corruption Act

13(1)D if he,—

(i) by corrupt or illegal means, obtains for himself or for any other person any valuable thing or pecuniary advantage; or
(ii) by abusing his position as a public servant, obtains for himself or for any other person any valuable thing or pecuniary advantage; or
(iii) while holding office as a public servant, obtains for any person any valuable thing or pecuniary advantage without any public interest;
13(2) Any public servant who commits criminal misconduct shall be punishable with imprisonment for a term which shall be not less than one year but which may extend to seven years and shall also be liable to fine.

 

 

Detail of FIR

 

It was alleged in the FIR that said Delhi based private company in order to buy 20% of the shares of another New Delhi based TV company from the public had taken a loan of about Rs. 500 crore(approx) from a private Finance Company. To repay this loan, the said private company based at Delhi took a loan of Rs.375 crore(approx) (disbursed Rs 350 crore) @ 19% p.a. from ICICI bank.

The promoters of New Delhi based TV company pledged the entire shareholding of the promoters of this TV company as collateral for this loan with ICICI bank. This pledging of shares was not reported to SEBI, Stock Exchanges or to the Ministry of Information & Broadcasting.

It was alleged that such concealment was done as the creation of collateral of more than 61% of the voting capital was in violation of section 19(2) of Banking Regulation Act. (It should not be more than 30% of the share capital). The loan was allegedly sanctioned in violation of the RBI Master Circular dated 28.08.1998. An interest waiver of about 10% was allegedly given by ICICI. An alleged loss of about Rs 48 crore(approx) was suffered by ICICI bank and a consequent undue advantage was accrued to said Delhi based private company. It was also alleged that the bank did not insist on recovery of the entire loan amount when the promoters had adequate source of funding.

Searches conducted

Searches were conducted today at four places including Delhi, Dehradun & Mussourie which led to recovery of documents related to case. Further investigation is continuing. (based on CBI statement issued in the evening today)

 NDTV’s  statement

This morning, the CBI stepped up the concerted harassment of NDTV and its promoters based on the same old endless false accusations.NDTV and its promoters will fight tirelessly against this witch-hunt by multiple agencies. We will not succumb to these attempts to blatantly undermine democracy and free speech in India. We have one message to those who are trying to destroy the institutions of India and everything it stands for: we will fight for our country and overcome these forces.

Copy of FIR

 

DeshGujarat

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