CBI REGISTERS A CASE AGAINST PROMOTOR/DIRECTOR OF A DELHI BASED PRIVATE COMPANY & OTHERS FOR CAUSING AN ALLEGED LOSS OF RS.48 CRORE(APPROX) TO ICICI BANK AND CONDUCTS SEARCHES

Press Release
New Delhi, 05.06.2017

            The Central Bureau of Investigation has registered a case against two Promotors/Directors of a private company based at Delhi; said private company; other New Delhi based TV Company; unknown officials of ICICI Bank and unknown others u/s 120 B and 420 of IPC r/w 13(2) r/w 13(1)(d) of PC Act, 1988 on a complaint for causing an alleged loss of Rs.48 crore to ICICI Bank.

          It was alleged in the FIR that said Delhi based private company in order to buy 20% of the shares of another New Delhi based TV company from the public had taken a loan of about Rs. 500 crore(approx) from a private Finance Company. To repay this loan, the said private company based at Delhi took a loan of Rs.375 crore(approx) (disbursed Rs 350 crore) @ 19% p.a. from ICICI bank. The promoters of New Delhi based TV company pledged the entire shareholding of the promoters of this TV company as collateral for this loan with ICICI bank. This pledging of shares was not reported to SEBI, Stock Exchanges or to the Ministry of Information & Broadcasting. It was alleged that such concealment was done as the creation of collateral of more than 61% of the voting capital was in violation of section 19(2) of Banking Regulation Act. (It should not be more than 30% of the share capital). The loan was allegedly sanctioned in violation of the RBI Master Circular dated 28.08.1998. An interest waiver of about 10% was allegedly given by ICICI. An alleged loss of about Rs 48 crore(approx) was suffered by ICICI bank and a consequent undue advantage was accrued to said Delhi based private company. It was also alleged that the bank did not insist on recovery of the entire loan amount when the promotors had adequate source of funding.

          Searches were conducted today at four places including Delhi, Dehradun & Mussourie which led to recovery of documents related to case.

          Further investigation is continuing.

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