Videocon loan row: LIC, govt nominee seek meeting with ICICI Bank brass

On agenda is restoring investor confidence in lender's governance standards

The Life Insurance Corporation of India (LIC), which holds about a 9.4 per cent stake in ICICI Bank, and the government’s new nominee on the private lender’s board have called a meeting of the bank’s top management this week. This comes against the backdrop of the recent developments in the ICICI Bank-Videocon case and declining investor confidence. 

The meeting will discuss measures to restore confidence in the bank’s governance standards and allay fears among investors. 

The government and LIC representatives also want an explanation, including the minutes of bank’s board meeting held on March 28 that supported ICICI Bank Chief Executive Officer