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Amid Rs 32.5-bn loan row, ICICI Board examines pending insolvency cases

CBI has 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. 32.5 billion loan to the Videocon Group in 201

ANI  |  Mumbai 

ICICI
A municipal worker walks past a logo of ICICI Bank at its headquarters in Mumbai (Photo: Reuters)

In its first board meeting after a controversy erupted involving and the Videocon Group, leading examined cases pending before the (NCLT) under the and Code, 2016. (IBC)

Furthermore, the noted that contrary to the reports of a meeting being convened for discussing the alleged conflict of interest with the Videocon Group, the Board conducted the same as part of a routine set of meetings carried out in the first week of April each year to review the progress in the resolution of large cases.

"ICICI Bank's Board meeting being held on Monday is a pre-scheduled Board meeting convened for review of cases which are before under and Code, and other routine matters. It's important to note that the Board has been meeting regularly in the first week of April in the previous years too, to review progress in resolution of large cases," the said in an official statement.

For the unversed, highlighted an alleged involvement of and her family members in a loan provided to on quid pro quo basis.

said the evidence in the case pointed out that was herself a beneficiary of the loan, and said her husband is an indirect beneficiary of the loan granted to Videocon.

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

Meanwhile, the (CBI) has also questioned few officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank's issuance of Rs. 32.5 billion loan to the in 2012.

First Published: Mon, April 02 2018. 18:07 IST
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