The Delhi High Court on Friday quashed the Look Out Circulars issued against former NDTV promoters Prannoy Roy and Radhika Roy in connection with two cases registered by the Central Bureau of Investigation (CBI).

Justice Sachin Datta passed the order.

"The impugned LOC is quashed subject to the petitioners cooperating with the investigation," Justice Sachin Datta said.

The High Court was told that the Look Out Circulars (LOC) were issued against the couple at the behest of the Central Bureau of Investigation (CBI) in relation to two First Information Reports (FIRs) of June 2017 and August 2019. 

While the 2017 case was closed by the CBI, the 2019 case is still pending and chargesheet is yet to be filed in the same.

The 2017 case was registered against Roys, RRPR Holdings and NDTV in 2017 on a complaint made by Sanjay Dutt, a director of M/s Quantum Security Private Limited. The complainant had stated that Roys and RRPR Holdings had obtained a loan to acquire a 20 per cent stake in NDTV. It was alleged that in connection with that, Roys and RRPR Holding then entered into a criminal conspiracy with officials of ICICI Bank.

However, the CBI later filed a closure report in the case.

In the closure report filed last year, CBI said that ICICI Bank had reduced rate of interest in respect of 83 loan accounts during FY 2007-08, 2008-09 and 2009-10 and such reduction in the case of the Roys and NDTV was not an isolated case.

The High Court on January 23 accepted the closure report.

Advocates Anuradha Dutt, Pawan Sharma, Suman Yadav, Kunal Dutt, Saurabh Singh and Nishant Varun appeared for Prannoy Roy and Radhika Roy.

Special Counsel Anupam S Sharma represented the respondents.