New Delhi: The Central Bureau of Investigation (CBI) has filed a closure report in a case of alleged cheating against former NDTV promoters and directors, Prannoy Roy and Radhika Roy. The agency concluded that it could not find legally tenable evidence related to the ₹48 crore loss incurred by ICICI Bank in a 2009 loan settlement.
The case originated in 2017 when the CBI registered an FIR based on a complaint from Sanjay Dutt, an individual associated with Quantum Securities Ltd. The complaint alleged that RRPR Holdings Pvt Ltd, linked to the Roys, had taken a ₹500 crore loan from India Bulls Pvt Limited to acquire a 20% stake in NDTV via a public open offer.
According to the FIR, RRPR Holdings secured a ₹375 crore loan from ICICI Bank (with ₹350 crore disbursed) at a steep interest rate of 19% per annum to repay the India Bulls loan. The complaint claimed that the Roys pledged their entire shareholding as collateral for the ICICI loan without reporting this to the Securities and Exchange Board of India (SEBI), stock exchanges, or the Ministry of Information and Broadcasting.
After more than seven years of investigation, the CBI’s closure report has been submitted to a special court, which will decide whether to accept the report or order the agency to continue its inquiry.
In 2022, the Adani Group acquired a controlling stake in NDTV, purchasing shares from the Roys at nearly 17% above the price offered to minority shareholders. NDTV has previously stated that the ₹375 crore loan from ICICI Bank, which it was accused of defaulting on, had been repaid over seven years ago. The company has consistently emphasized that it and its promoters have never defaulted on any loans, asserting its commitment to integrity and transparency.
As the court reviews the closure report, the outcome of this case remains to be seen.
