Delhi Court Clears ICICI Bank in NDTV Loan Case

A Delhi court has accepted a closure report by the CBI in the alleged case of irregularities by ICICI Bank concerning loan repayments from NDTV. The court found no criminal conspiracy or violation of laws, and the complainant expressed satisfaction with the investigation. The case involved a sanctioned loan of Rs 375 crore.

In a recent development, a Delhi court has approved a closure report filed by the Central Bureau of Investigation (CBI) regarding an alleged case of irregularities involving ICICI Bank's acceptance of loan repayments from NDTV. The court ruled the report "satisfactory" after thoroughly examining the CBI's findings and the complainant's stance.

The report, accepted by Special Judge Shailender Malik, concluded after a six-year investigation that there was no evidence of criminality, collusion, or conspiracy in the transactions between ICICI Bank and former NDTV promoters, Prannoy and Radhika Roy. Consequently, the probe did not uncover any breach of the Banking Regulation Act, 1949.

The original complaint, filed by Sanjay Dutt of Quantum Securities Limited, alleged that ICICI Bank sanctioned a significant loan against NDTV's shares in 2008. However, with no findings of legal violations or misconduct, the court's decision reinforces the CBI's conclusion that the loan proceedings were above board.

(With inputs from agencies.)