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1-min read

ICICI Bank Seeks Settlement Through Consent on Chanda Kochhar Issue, Says Sebi Chief

Chanda Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities.

PTI

Updated:September 18, 2018, 6:33 PM IST
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ICICI Bank Seeks Settlement Through Consent on Chanda Kochhar Issue, Says Sebi Chief
File photo of former ICICI Bank CEO Chanda Kochhar. (Reuters)
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Mumbai: Markets regulator Sebi on Tuesday said the ICICI Bank had replied to its show cause notice with respect to a probe into alleged regulatory lapses involving its CEO Chanda Kochhar, her husband and his business dealings.

Sebi Chairman Ajay Tyagi also said the bank has sought to settle the issues related to Kochhar through consent mechanism. ICICI Bank and the business dealings of the Kochhar family have come under the regulatory lens of Sebi and other agencies.

Earlier, the Securities and Exchange Board of India (Sebi) issued show cause notices to ICICI Bank, Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with Videocon Group.

The bank and Kochhar have been maintaining there has been no regulatory violation on their part and that she was not aware of specific business dealings of her husband. As per Sebi's preliminary probe, her husband Deepak Kochhar has had many business dealings with Videocon Group over the last several years.

Besides, Deepak Kochhar and Videocon chief Venugopal Dhoot were co-founders and promoters of NuPower, besides other associations.

The cases under scanner include the significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of Kochhar's family members in the restructuring of that loan. Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities.

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