The Central Bureau of Investigation (CBI) has registered a case against NDTV founder Prannoy Roy, his wife Radhika Roy, a private company and others for causing an alleged loss to ICICI private bank to the tune of Rs 48 crore.

Searches are being conducted at the residence of the Roys at Greater Kailash-I in New Delhi, CBI sources told another four locations are under scanner.

It is important to note last week NDTV in its debate program has asked bjp spokes person to leave their show

According to the first information report (FIR) filed, the loan amount defaulted by Roy is for a company named RRPR holdings private limited.

NDTV vide its statement stated "It is shocking that the CBI conducted searches on NDTV offices and the residence of its promoters without even conducting a Preliminary Enquiry. This is a blatant political attack on the freedom of the press, as sources confirm that under pressure, the CBI has been compelled to file an FIR based on a shoddy complaint by a disgruntled former consultant at NDTV called Sanjay Dutt, who has been making false allegations and filing cases in courts of law with these false allegations. So far, he has not obtained a single order from any of these courts. Legal analysts are astounded that where courts have rejected giving any order in all these years, the CBI conducts raids based on what is a private complaint"..

NDTV statement further said ”"The allegation appears to be for a loan which has been repaid by Prannoy Roy and Radhika Roy more than seven years ago. Even though lakhs and crores of rupees of dues have not been paid by several industrialists and no criminal case has yet been registered against any of them by the CBI, the CBI has chosen not only to register an FIR, but also conduct a search for a loan which has been duly repaid to ICICI Bank. Moreover, ICICI is a private bank. The allegation that no disclosure was made to SEBI and other regulatory authorities is not only incorrect and false but also does not cloth the CBI with any power to register cases and search, which further amplifies the fact that the search by the CBI is only a witch-hunt against independent media. NDTV and its promoters have never defaulted on any loan to ICICI or any other bank. We adhere to the highest levels of integrity and independence. It is clearly the independence and fearlessness of NDTV's team that the ruling party's politicians cannot stomach, and the CBI raid is merely another attempt at silencing the media. No matter how much the politicians attack us, we will not give up the fight for freedom and the independence of media in India.” ”

An ICICI Bank spokesperson declined to comment. However, private sector bankers said that it is a very common practice to settle loans in this manner. For example, bankers say that Standard Chartered is likely to take a haircut in case of Essar loans. "Private sector banks, unlike public sector banks, are willing to settle loans at a small loss of interest otherwise, it is almost impossible to go ahead and resolve the huge problem of non-performing assets," said a private sector banker. He also added that August 2009 was the post-Lehman period, when bankers were completely unsure about the economy and banks would have rushed to make settlements. "Filing FIRs against private sector bankers would discourage them from settling cases -- something that is already causing a huge problem in the public sector banks," he added.

Mean while stock prices of NDTV fell by 4% NDTV stock touched a high of 62.55 and a low of 58.10 in trade on the BSE.