Repaid loan to ICICI in full, says NDTV

Hours after its promoters were searched by CBI over a loan from private bank, NDTV today produced a seven-year old receipt issued by ICICI Bank confirming closure of Rs 375 crore loan after repayment in full.
In a stock exchange filing, NDTV attached August 7, 2009 copy of the ICICI Bank's receipt to RRPR Holding Pvt Ltd confirming that "the entire amount due and payable to you in respect of the subject facility (Rs 375 crore loan) has been repaid in full."
The company, which runs English and Hindi news channels, said CBI this morning conducted searches on its offices and residence of its promoters "without even conducting a preliminary enquiry."

"CBI has filed an FIR based on a complaint by a private individual - a disgruntled former consultant at NDTV called Sanjay Dutt - who has been making false allegations and filing cases in courts of law with these false allegations and till date he has not even obtained any order from any of these courts."
While courts have rejected giving any order in all these years, the CBI conducted raids based on what is a private complaint, it claimed.
"The allegation appears to be for a loan which has been repaid by Dr Prannoy Roy and Mrs Radhika Roy from ICICI Bank more than seven years ago. There are documents to support that fact that the loan was repaid in full," it said attaching the receipt from the bank.

It expressed surprise at CBI choosing not only to register FIR but conduct a search for a loan that has been duly repaid.

"Moreover ICICI is a private bank," it said implying that no loss to public money could have caused either ways. It denied not making disclosures. "Moreover it does not cloth the CBI with any power to register cases and search."
"Further, the fact that the search by the CBI is only a 'witch hunt' is apparent since the documents seized do not relate to the business of the promoters and NDTV," the filing said.
NDTV said it and its promoters have never defaulted on any loan to ICICI or any other bank. "We adhere to the highest levels of integrity and independence."

The company went on to state that the searches would have no bearing on its operations.