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CBI
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The Central Bureau of Investigation (CBI) on Tuesday filed a closure report in the fraud case against former NDTV entrepreneurs and executives Prannoy Roy and Radhika Roy. It found no legally solid evidence of the Rs 48 crore loss suffered by ICICI Bank in a 2009 loan settlement.
The CBI registered the FIR in 2017 based on the complaint of a person named Sanjay Dutt of Quantum Securities Limited. Roy-linked RRPR Holdings Pvt Ltd is alleged to have taken a loan of Rs 500 crore from India Bulls Pvt Ltd to acquire 20% stake in NDTV through an open public offer.
According to the FIR, RRPR Holdings took a loan of Rs 375 crore (of which Rs 350 crore was repaid) from ICICI Bank at an interest rate of 19 per cent per annum to repay the loan from India Bulls.
The complaint claims that the Roys are pledging all of their stock holdings for this loan. This mortgaged property has not been reported to the Securities and Exchange Board of India (SEBI), the stock exchanges or the Information and Broadcasting Ministry. In 2022, the Adani Group acquired control of NDTV, and purchased shares from the Roy family at a price approximately 17% higher than the price paid to the minority shareholders. After more than seven years of investigation, the CBI submitted the closure report to a special court. The court will now decide whether to accept the report or direct the agency to continue its investigation.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://www.amarujala.com/india-news/cbi-filed-closure-report-fraud-case-prannoy-roy-radhika-after-seven-years-2024-10-01
