ECONOMY
CBI books NDTV’s Prannoy Roy, Radhika Roy and others for alleged FDI norms violation
- Team PT
CBI books NDTV’s Prannoy Roy, Radhika Roy and others for alleged FDI norms violation



The CBI has booked NDTV promoters Prannoy Roy and his wife Radhika Roy, and others in connection with alleged violation of foreign direct investment (FDI) rules, officials said on Wednesday.
 
The agency has also booked the media outlet’s former CEO Vikramaditya Chandra under charges of criminal conspiracy, cheating and corruption, they said. It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions, they said.
 
 "It is alleged that these transactions are sham transactions and aforementioned funds are invested by unknown public servants through NDTV Ltd and later laundered back to India through multiple layers of complex transactions and shell companies,” the CBI said in a statement.
 
NDTV in a statement called this action by the agency "continued persecution of free press”.

"NDTV and its founders have full faith in India’s judiciary at this crucial time and remain committed to the integrity of the company’s journalism,” the statement said. "Attempts to silence free and fair reportage through malicious and fabricated charges will not succeed. This is not about a company or individuals but about a larger battle to maintain the freedom of the press, something which India has always been renowned for.”

The company said the Roys have cooperated in all cases filed against them and the agencies have found no evidence of any corruption by NDTV.
 
NDTV had also said that the authorities did not inform the Delhi High Court or the Roys that they would be detained at the airport. It had claimed that the action was a "warning to the media to fall in line”.

The Securities and Exchange Board of India had in June barred the Roys from the securities market, as well as from holding any managerial posts in the news network for two years. SEBI said it passed the order because the Roys had allegedly violated insider trading regulations.

The markets regulator had initiated an investigation after an NDTV shareholder claimed that Prannoy Roy, Radhika Roy and RRPR Holdings had not disclosed information about loan agreements they entered into with a company known as Vishvapradhan Commercial. ICICI Bank was also part of this agreement. 
 

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