Delhi High Court Quashes Look-Out Circulars Against NDTV Founders Prannoy and Radhika Roy
In a significant legal development, the Delhi High Court has quashed the Look-Out Circulars (LOCs) issued against former NDTV promoters Prannoy Roy and Radhika Roy. The LOCs were related to two cases registered by the Central Bureau of Investigation (CBI), with the court's decision coming after careful consideration of the status of these investigations.
Court's Conditional Ruling and Case Details
Justice Sachin Datta of the Delhi High Court directed that the LOCs be set aside, subject to the condition that the petitioners, Prannoy Roy and Radhika Roy, continue to cooperate fully with the ongoing investigation. The LOCs had been issued at the instance of the CBI in connection with two First Information Reports (FIRs) dated June 2017 and August 2019.
Of these two cases, the 2017 FIR has since been closed by the CBI, while the 2019 case remains under active investigation, with a chargesheet yet to be filed. The court's decision to quash the LOCs was influenced by the closure of the 2017 case and the pending nature of the 2019 investigation without any formal charges being laid.
Background of the 2017 FIR and Its Closure
The 2017 FIR was registered based on a complaint by Sanjay Dutt, a director of M/s Quantum Security Private Limited. The complaint alleged that Prannoy Roy, Radhika Roy, and their company RRPR Holdings had obtained a loan to acquire a 20 percent stake in NDTV. It was further alleged that in this process, they entered into a criminal conspiracy with officials of ICICI Bank.
However, the CBI subsequently filed a closure report in this case. In its report, the agency stated that ICICI Bank had reduced interest rates across 83 loan accounts during the financial years 2007–08, 2008–09, and 2009–10. The CBI concluded that the interest rate reduction in the case of the Roys and NDTV was not an isolated instance but part of a broader pattern, leading to the closure of the investigation.
Legal Proceedings and Current Status
The Delhi High Court had accepted the closure report for the 2017 case on January 23. Given this closure and the fact that the 2019 FIR is still under investigation without a chargesheet, the court proceeded to set aside the LOCs. The relief granted is conditional, emphasizing that Prannoy Roy and Radhika Roy must maintain their cooperation with the investigating agency as the 2019 case progresses.
This ruling highlights the judiciary's role in balancing investigative needs with individual rights, ensuring that legal measures like Look-Out Circulars are applied judiciously and in accordance with the evolving status of cases. The decision marks a pivotal moment in the legal battles faced by the prominent media figures, with implications for future proceedings in the 2019 investigation.
