Prannoy Roy and Radhika Apte are founders and promoters of NDTV.
Prannoy Roy and Radhika Apte are founders and promoters of NDTV.

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NDTV Founders Prannoy Roy & Radhika Roy Allegedly Stopped From Leaving India: A Chronology Of Preceding Events

Written By Digital Desk | Mumbai | Published:

Hack:

  • NDTV founders Prannoy Roy and Radhika Roy were allegedly stopped from leaving India on Friday
  • They are being investigated by the CBI and ED in an alleged money laundering case
  • Issuing a statement, NDTV called it a 'complete subversion of basic rights'

NDTV founders Prannoy Roy and Radhika Roy were allegedly stopped at Mumbai airport on Friday while they were leaving the country.

They are being investigated by the CBI and ED in an alleged money laundering case. Apparently, they were going to Kenya's capital Nairobi.

READ: NDTV Founders Prannoy Roy & Radhika Roy Allegedly Stopped From Leaving India

Issuing a statement, NDTV called it a "complete subversion of basic rights." 

Here’s a brief chronology of events that preceded Friday's development:

November 19, 2015: Prannoy and Radhika Roy were served a notice by the Enforcement Directorate (ED) for alleged FEMA violations to the tune of Rs 2030 crore. 

June 5, 2017: CBI raided the residences and offices of the NDTV founders, alleging irregularities in the transaction of a loan of Rs 366 crore between them and ICICI Bank. The CBI alleged that the Roys had pledged their NDTV shares as collateral, at a valuation less than what it was trading at on the Bombay Stock Exchange. The CBI further alleged that they then went ahead with prepayment of the loan at a reduced rate, from 19% to 9.5%, resulting in a wrongful loss of Rs 48 crore for ICICI Bank and a corresponding wrongful gain of the same amount to them. 

July 22, 2017: The Income Tax Appellate Tribunal (ITAT) upheld an I-T department finding that NDTV ‘round-tripped’ Rs 642 crore via shell companies in 2009-10. 'Dr. Prannoy Roy was personally involved in tax evasion and money laundering', the order had then claimed. 

March 2018: SEBI fined NDTV Rs 10 lakh and Prannoy and Radhika Roy Rs 3 lakh each for disclosure lapses. 

September 2018: SEBI issues notice to Prannoy and Radhika Roy for alleged insider trading. 

June 14, 2019: SEBI bars Prannoy and Radhika Roy from accessing securities markets for two years and from holding management positions at NDTV for two years. 

June 18, 2019: Both get temporary relief from SEBI. 

August 8, 2019: Prannoy and Radhika Roy are allegedly stopped from leaving the country at Mumbai airport.  

READ: AgustaWestland Case: CBI Special Court Issues Non-bailable Warrant Against Ratul Puri In Money Laundering Case

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