A Delhi court has accepted the CBI’s closure report on allegations of irregularities by ICICI Bank in granting a loan to NDTV. Special Judge Shailender Malik, after reviewing the findings, stated that the report was “satisfactory” and found no grounds to pursue the case further.
The judge remarked, “Upon going through the entire closure report, documents annexed with the same, coupled with submissions made by the public prosecutor for CBI as well as the statement given by the complainant… this court accepts the closure report as no criminality or violation of Section 19(2) of the Banking Regulation Act, 1949 has been found by any of the accused persons.”
The case, based on a complaint filed by Sanjay Dutt of Quantum Securities Limited, alleged that ICICI Bank provided a ₹375 crore loan in 2008 against 61% of NDTV promoters’ shareholding as collateral. However, Dutt informed the court that he was satisfied with the investigation and did not wish to file any objections.
CBI’s Investigation
After a six-year investigation, the CBI filed the closure report in October 2022. It concluded that no evidence of criminality, conspiracy, or misuse of position was found in the dealings between ICICI Bank and NDTV’s former promoters, Prannoy Roy and Radhika Roy.
The agency clarified that the reduced interest rate on the loan was not an isolated incident. According to the CBI, the repayment made by NDTV exceeded the average cost of funds, supporting the claim that it was a legitimate business transaction. A forensic audit conducted by Pramod Kumar and Associates also described the loan repayment as a routine financial activity, with no violations of the Banking Regulation Act.
NDTV’s Acquisition by Adani Group
The case resurfaced in public interest following NDTV’s acquisition by the Adani Group in 2022. The Adani Group secured a controlling stake by purchasing shares from the Roys at a premium of 17% over the price offered to minority shareholders.
With the court’s acceptance of the closure report, the matter has been officially laid to rest. The findings affirm that the transactions between ICICI Bank and NDTV were conducted within legal and regulatory frameworks, clearing all allegations of wrongdoing.
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