Complainant : Quantum Securities, a firm run by Delhi-based stockbroker and NDTV shareholder Sanjay Dutt. Dutt
Note: ICICI Bank has made no complaint against NDTV
Complaint :
In the latest complaint, dated April 28, Quantum alleged “pecuniary loss of over Rs 48 crore to ICICI Bank arising out of unlawful/undue favour and profit transferred to promoters of New Delhi Television— being Dr Prannoy Roy, Radhika Roy and RRPR Holding.” The complaint added that “ICICI Bank allegedly conniving, committing fraud and entering into a conspiracy with promoters of NDTV to facilitate transfer of ownership of a news broadcasting company to a khoka/shell company.”
NDTV says
Sanjay Dutt is a disgruntled former consultant who has been filing cases making false allegations and never got a judgement in his favour
The allegation that no disclosure was made to SEBI and other regulatory authorities is not only incorrect and false but also does not cloth the CBI with any power to register cases and search, which further amplifies the fact that the search by the CBI is only a witch-hunt against independent media.
NDTV and its promoters have never defaulted on any loan to ICICI or any other bank.
Details on loan:
The transactions in the NDTV case date back to the time of collapse of Lehman Brothers and the financial market meltdown in September-October 2008.
NDTV promoters, who faced margin calls from Indiabulls Finance as the company’s stock price tumbled from Rs 400 levels to below Rs 100, had struck an arrangement with ICICI Bank. A loan was raised from Indiabulls for an open offer, which was triggered because of a buyback of a stake sold to private equity player General Atlantic.
Citing balance sheets and other filings of RRPR Holdings, Quantum said ICICI Bank had granted a loan of Rs 375 crore at 19 per cent interest on October 23, 2008. Of this, about Rs 350 crore had been drawn. The total dues, along with interest, stood at about Rs 396 crore. But in August 2009, the bank entered into a one-time settlement with NDTV at Rs 350 crore. This, along with certain other dues, resulted in a loss of Rs 48 crore for the bank, alleged Quantum, and ensured gains for NDTV promoters.
Fishy matter:
Though the complaint was filed over a month ago, the FIR was registered at 3 pm on Friday.
On Thursday evening, NDTV’s senior anchor Nidhi Razdan had asked BJP spokesperson Sambit Patra to leave a debate mid-way after he alleged the channel was biased. The video of the interaction went viral.
In the end it looks more like an act of revenge rather than a raid carried out on strong evidence.
http://wap.business-standard.com/article/current-affairs/cbi-raids-ndtv-s-prannoy-roy-for-2008-deals-with-icici-bank-117060500900_1.html
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