MUMBAI: Market regulatory Sebi has served a notice on ICICI Bank CEO and MD Chanda Kochhar on dealings of the financial institution with Videocon Group and Nupower, an entity by which her husband Deepak Kochhar has financial interests, the private sector lender mentioned nowadays.
Appropriate response can be submitted to the Sebi, the country's greatest private financial institution mentioned in a stock change submitting.
The CBI has introduced a preliminary investigation into Rs 3,250 crore mortgage ICICI Bank had extended to Videocon in 2012 and the conceivable function of Kochhar's husband -- Deepak Kochhar.
Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a company owned by Deepak Kochhar after Videocon secured a mortgage from a consortium of banks, together with ICICI.
ICICI has denied any wrongdoing in the mortgage, announcing it was once part of a consortium of lenders that extended the facility to Videocon.
"The MD & CEO and the Bank received a Notice from SEBI on May 24, 2018 ... requiring responses on matters relating to alleged non-compliance with certain provisions of the erstwhile Listing Agreement and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015," the financial institution mentioned in the submitting.
The notice, it additional mentioned has been issued according to information furnished by the Bank/its MD & CEO to numerous queries made by Sebi regarding dealings between the financial institution and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity by which Deepak Kochhar partner of MD& CEO has financial interests.
"Appropriate responses would be submitted to Sebi by the bank in accordance with regulation," ICICI Bank added .
Last month, ICICI Bank Chairman M Okay Sharma had mentioned the board has complete confidence in Chanda Kochhar and dominated out any quid professional quo as alleged in regards to sure mortgage given to Videocon crew.
Earlier, the financial institution had clarified that none of traders of NuPower Renewables is a borrower of ICICI Bank.
Appropriate response can be submitted to the Sebi, the country's greatest private financial institution mentioned in a stock change submitting.
The CBI has introduced a preliminary investigation into Rs 3,250 crore mortgage ICICI Bank had extended to Videocon in 2012 and the conceivable function of Kochhar's husband -- Deepak Kochhar.
Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a company owned by Deepak Kochhar after Videocon secured a mortgage from a consortium of banks, together with ICICI.
ICICI has denied any wrongdoing in the mortgage, announcing it was once part of a consortium of lenders that extended the facility to Videocon.
"The MD & CEO and the Bank received a Notice from SEBI on May 24, 2018 ... requiring responses on matters relating to alleged non-compliance with certain provisions of the erstwhile Listing Agreement and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015," the financial institution mentioned in the submitting.
The notice, it additional mentioned has been issued according to information furnished by the Bank/its MD & CEO to numerous queries made by Sebi regarding dealings between the financial institution and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity by which Deepak Kochhar partner of MD& CEO has financial interests.
"Appropriate responses would be submitted to Sebi by the bank in accordance with regulation," ICICI Bank added .
Last month, ICICI Bank Chairman M Okay Sharma had mentioned the board has complete confidence in Chanda Kochhar and dominated out any quid professional quo as alleged in regards to sure mortgage given to Videocon crew.
Earlier, the financial institution had clarified that none of traders of NuPower Renewables is a borrower of ICICI Bank.
Videocon case: Sebi issues notice to Chanda Kochhar
![Videocon case: Sebi issues notice to Chanda Kochhar]()
Reviewed by Kailash
on
May 26, 2018
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