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.

(With inputs from agencies.)