KOCHHARS Continue Under Scanner Of Investigation Agencies

JODHPUR born Chanda Kochhar,56,one of the country’s top bankers , is yet to get a clean chit from  investigation agencies with the market regulator  Securities and Exchange Board of India  asking  the ICICI Bank CEO and MD  for  details about dealings of the bank with Videocon Group and Nupower with which  her husband Deepak Kochhar has alleged  economic interests. The Mumbai headquartered India‘s largest bank has informed the Stock exchange that appropriate response would be submitted to the SEBI .The CBI has launched a preliminary investigation into Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012 and the possible role of Kochhar’s husband — Deepak Kochhar. Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured a loan from a consortium of banks, including ICICI.ICICI has denied any wrongdoing in the loan, saying it was 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 bank said in the filing, ICICI bank said. Venugopal Dhoot, 66, according to Forbes magazine, was the 61st richest person in India in 2015. He is the founder, chairman and managing director of Videocon. He has gone on record denying of any illegal dealings with Deepak Kochhar, spouse of embattled CEO & MD of ICICI bank.“Appropriate responses would be submitted to SEBI by the bank in accordance with regulation,” ICICI Bank added.  Last month, ICICI Bank Chairman M K Sharma had said the board has full confidence in Chanda Kochhar and ruled out any quid pro quo as alleged with regard to certain loan given to Videocon group. Earlier, the bank had clarified that none of investors of NuPower Renewables is a borrower of ICICI Bank.( Image courtesy :Zee Business)


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