Mumbai: The Securities and Exchange Board of India (SEBI) has issued a notice to ICICI Bank and its managing director and chief executive officer (MD&CEO) Chanda Kochhar over the Videocon loan matter. Nupower renewables, a company promoted by Chanda Kochar’s husband Deepak Kochar is also been involved in this case.
ICICI bank in a stock market announcement on Friday said “The MD&CEO and the bank received a notice from SEBI on May 24, 2018… The notice has been issued based on information furnished by the bank/its MD&CEO to queries made by SEBI concerning dealings between the bank and Videocon Group and certain dealings allegedly between Videocon Group & Nupower, an entity in which Mr. Deepak Kochhar, spouse of the MD&CEO, has economic interests.”
ICICI lost a marginal share of 0.25% on Friday to close at ₹296.50 after the notice was issued.
SEBI has issued the notice for the bank’s alleged non-compliance with certain provisions of Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules 2005 and also SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, according to the exchange statement.
The bank also stated that “appropriate responses would be submitted to SEBI in accordance with regulation.”
ICICI is been alleged of providing a loan of ₹3,250 crore to videocon group in March 2012.
The Enforcement Directorate is also probing the matter along with CBI.
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