CBI Clears ICICI Bank and NDTV Promoters of Wrongdoing

The CBI has cleared ICICI Bank and NDTV promoters of any wrongdoing in a 2017 case. The agency concluded there was no collusion or abuse of position in loan repayments. A forensic audit termed it a normal business transaction. The allegation of non-disclosure to Sebi was also found baseless.

In a significant development, the Central Bureau of Investigation (CBI) has filed a closure report clearing ICICI Bank officials and NDTV promoters, Prannoy Roy and Radhika Roy, of any misconduct in a 2017 case. The case revolved around a loan repayment at reduced interest rates, which the CBI has now determined involved no criminal conspiracy or abuse of position.

The original allegations stemmed from a complaint alleging a wrongful loss to ICICI Bank through the acceptance of reduced interest rates for a loan secured against NDTV's shareholding. However, after a thorough investigation, the CBI concluded that the lowered interest rate was justified by several factors, including the borrower's financial condition and market volatility.

Further, a forensic audit confirmed the transaction as a 'normal business transaction,' finding no breaches of the Banking Regulation Act. Allegations of non-disclosure to Sebi were also dismissed, as the supposed violations occurred before the relevant regulations were implemented. The case has now been closed, exonerating all accused parties.