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Sebi Serves Notice on ICICI Bank CEO Chanda Kochhar in Videocon Loan Case

Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochha

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Updated:May 25, 2018, 6:17 PM IST
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Sebi Serves Notice on ICICI Bank CEO Chanda Kochhar in Videocon Loan Case
File photo of ICICI Bank CEO Chanda Kochhar. (PTI)
New Delhi: The Security and Exchange Board of India has served a notice on ICICI Bank CEO and MD Chanda Kochhar on dealings of the bank with Videocon Group and Nupower, an entity in which her husband Deepak Kochhar has economic interests.

The ICICI bank, in a stock exchange filing, said appropriate response would be submitted to market regulator 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.

"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.

The notice, it further said has been issued based on information furnished by the Bank/its MD & CEO to diverse queries made by Sebi concerning dealings between the bank and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar has economic interests.

Last month, ICICI Bank board came out in support of Chanda Kochhar, saying it has full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as "malicious and unfounded rumours".

The board had also reviewed the banks internal processes for credit approval and found them robust, the private sector lender had said in a statement.

With regard to loans to the Videocon group, it said the banks current exposure is part of a syndicated consortium arrangement.

"ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012," it added.

The bank had clarified that none of the investors of NuPower Renewables are borrowers of ICICI Bank.

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