Sebi initiates probe into alleged corporate governance breaches at ICICI

Seeks info on recent board meetings, independent directors' stance and disclosure compliances in Videocon loan controversy

The Securities and Exchange Board of India (Sebi) has initiated an enquiry into the controversial Rs 32.5-billion loan sanctioned to the Videocon group by ICICI Bank, to check for possible lapses in disclosure and corporate governance norms.

According to sources, the regulator has sought documents from the private sector lender on decisions of its board of directors on the loan. Sebi wants to know if the board was aware about the conflict of interest involving its managing director and chief executive officer, Chanda Kochhar.

Sebi is also keen to know the stance of the independent directors when the board had approved the