Monday’s CBI raid on premises of Radhika Roy and Prannoy Roy, promoters
of the NDTV group, has its roots in a series of loans the Roys took
starting 2008 when they sought to buy back a large chunk of NDTV shares
from the market.
To cover part of the India Bulls loan, RRPR then borrowed Rs 375 crore from ICICI Bank. The private bank gave RRPR Rs 375 crore in October 2008, as per the deed of hypothecation. But by August 2009, RRPR had found another lender, a company named Vishvapradhan Commercial Private Limited, to repay the ICICI loan.
VCPL agreed to pay RRPR Rs 350 crore, shows a loan agreement dated July 21, 2009; this was to be used in full to repay ICICI’s loan. RRPR’s balance sheets filed with the Registrar of Companies show that on March 31, 2009, it had a loan of Rs 349,26,14,485 from ICICI and an interest of Rs 17,21,80,697 on this loan.
Between March 31 and August 7, 2009 — when it repaid ICICI after receiving the money from VCPL—an additional interest would have accumulated. As per an investigation report made by DG (Investigation), Income Tax, New Delhi, ARA Centre, Jhandewalan, the ICICI had given NDTV the loan at 19 per cent interest.
Source:-Indianexpress
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To cover part of the India Bulls loan, RRPR then borrowed Rs 375 crore from ICICI Bank. The private bank gave RRPR Rs 375 crore in October 2008, as per the deed of hypothecation. But by August 2009, RRPR had found another lender, a company named Vishvapradhan Commercial Private Limited, to repay the ICICI loan.
VCPL agreed to pay RRPR Rs 350 crore, shows a loan agreement dated July 21, 2009; this was to be used in full to repay ICICI’s loan. RRPR’s balance sheets filed with the Registrar of Companies show that on March 31, 2009, it had a loan of Rs 349,26,14,485 from ICICI and an interest of Rs 17,21,80,697 on this loan.
Between March 31 and August 7, 2009 — when it repaid ICICI after receiving the money from VCPL—an additional interest would have accumulated. As per an investigation report made by DG (Investigation), Income Tax, New Delhi, ARA Centre, Jhandewalan, the ICICI had given NDTV the loan at 19 per cent interest.
Source:-Indianexpress
Viewmore:- Italy Dedicated Hosting Server and Italy cloud Server and Italy VPS Server