ICICI Board to meet today

ICICI Bank's board will meet on Monday to review the insolvency cases before National Company Law Tribunal.

This is the first time that the board will meet after the controversy over an alleged conflict of interest involving its CEO Chanda Kochhar and the Videocon group broke out.

The bank, however, pointed out that the board meeting is pre-scheduled and routine in nature.

Earlier last week, media reports mentioned the alleged involvement of Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis.

Trustee, Indian Investors Protection Council, Arvind Gupta, said that the evidence in the case pointed out that Chanda Kochhar, was herself a beneficiary of the loan.

Deepak Kochhar, who is Chanda Kochhar's husband, is an indirect beneficiary of the loan granted to Videocon, Gupta claimed.

"Venugopal Dhoot transferred money from Videocon Group to Supreme Energy, in which he had 90 percent shares. He promoted it and later transferred it to Deepak Kochhar. Deepak Kochhar then transferred his shareholdings to Pinnacle Energy. Pinnacle Energy was a trust formed by Kochhar family. Now they are saying they sold their shares of Nupower Renewables much before. NuPower Renewables was special purpose vehicle made to revert allegations in future. ICICI never gave it loan, but company was benefited," Gupta told ANI.

The Central Bureau of Investigation (CBI) has also questioned few ICICI Bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank's issuance of Rs. 3,250-crore loan to the Videocon Group in 2012.