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Notice Served By SEBI To Chanda Kochhar

Published on 26 May 2018 by Shivi

A notice has been served by SEBI to Chanda Kochhar on the bank's dealings with Videocon Group and NuPower Renewables, an entity in which her husband has economic interests, A response will be submitted to the SEBI by ICICI Bank.

The Central Bureau of Investigation (CBI) has initiated a preliminary investigation into the loan of ICICI of Rs. 3,250 crore which was extended to Videocon in 2012 and the possible role of Kochhar's husband.

It was alleged that Videocon Chairman Venugopal Dhoot invested Rs. 64 crore in NuPower Renewables, owned by Deepak after Videocon secured a loan from an association of banks, including ICICI. ICICI has denied any wrongdoing in the loan, being a part of an association of lenders.

SEBI served a notice to the MD and CEO of the Bank on May 24, expecting responses relating to alleged non-compliance with certain provisions of the Listing Agreement and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The notice has been issued to the bank/ its MD & CEO to diverse queries made by SEBI in dealings between the bank and Videocon Group and between Videocon Group and NuPower. The bank's Board has full confidence in Chanda Kochhar and ruled out any ‘quid pro quo’ as alleged with regard to the loan given to the Videocon group. The bank had also clarified earlier that none of the investors of NuPower Renewables were borrowers of ICICI Bank.

Tags: Default or Fraud 

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