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Sebi serves notice on ICICI Bank CEO Chanda Kochhar in Videocon loan case

Appropriate response would be submitted to the Sebi, the country's largest private bank said in a stock exchange filing

Press Trust of India  |  Mumbai 

Chanda Kochhar
Chanda Kochhar

Market regulatory Sebi has served a notice on and MD on dealings of the with Group and Nupower, an entity in which her husband has economic interests, the private sector lender said on Friday.

Appropriate response would be submitted to the Sebi, the country's largest private said in a stock exchange filing.

The CBI has launched a preliminary investigation into Rs 32.50 billion loan had extended to in 2012 and the possible role of Kochhar's husband --

Reports have alleged that chairman Venugopal Dhoot invested Rs 640 million in Nu Power Renewables, a firm owned by 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 & 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 (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 & 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 spouse of MD& CEO has economic interests.

"Appropriate responses would be submitted to Sebi by the bank in accordance with regulation," added.

Last month, ICICI Bank Chairman M K Sharma had said the board has full confidence in 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 Renewables is a borrower of ICICI Bank.

First Published: Fri, May 25 2018. 17:24 IST