Do you think CBI raid on NDTV for causing a loss of Rs 48 Crore to ICICI Bank, is attack on Media?

June,6,2017:

NDTV allegedly violated the RBI norms which bar loans to promoters for acquiring or retaining controlling interest in the Company.

Central Bureau of Investigation (CBI) on Monday launched searches on residence of the NDTV executive Co-Chairperson Prannoy Roy and other premises and registered a case against Roy and his wife, Radhika, who is the Company’s Founder and the Executive Co-Chairperson, for allegedly causing a loss of Rs 48 crore to the ICICI Bank.

Some executives at country’s largest private bank are also accused of “conniving, committing fraud and entering into a conspiracy” with the NDTV  promoters in facilitating transfer of the ownership of a news broadcasting company to a “shell company” in violation of various laws.

FIR, based on a complaint from the Delhi-based Quantum Securities Director Sanjay Dutt, has accused Roys, RRPR Holdings and the unknown executives of the ICICI Bank and NDTV India of the criminal conspiracy, cheating and criminal misconduct under the various Sections of Indian Penal Code and Prevention of Corruption Act.

Information and Broadcasting Minister Venkaiah Naidu stated that,”Law was taking its own course.If somebody does something wrong simply because they belong to the media, you cannot expect the Government to keep quiet”.

CBI also conducted searches at Roy’s other premises in Delhi, Dehradun and Landour (Mussoorie).

ICICI has declined any official comment, but according to the sources there said Bank had not filed any complaint against the NDTV as loan was ‘settled’.

In his complaint to Central Bureau of Investigation, filed on the April 28,2017, Dutt had alleged that the ICICI Bank suffered a loss of over Rs 48 crore, arising out of “unlawful/undue favour and profit transferred” to Roys and RRPR Holding.

He has also accused the ICICI Bank and the NDTV of not disclosing that Rs 375 crore was raised by pledging shares.

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