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  4. Videocon loan case: ICICI Bank seeks settlement through consent mechanism on Chanda Kochhar issue, says markets regulator SEBI

Videocon loan case: ICICI Bank seeks settlement through consent mechanism on Chanda Kochhar issue, says markets regulator SEBI

SEBI's statement comes after the market dealings of the ICICI Bank and Kochhar family have come under the regulatory sense of both SEBI and various other agencies.

India TV News Desk Edited by: India TV News Desk New Delhi Published on: September 18, 2018 18:29 IST
The cases under scanner include the significant loan

The cases under scanner include the significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of Kochhar's family members in the restructuring of that loan.

Markets regulator Securities and Exchange Board of India (SEBI) on Tuesday said that the ICICI Bank has replied to its show cause notice with respect to a probe into alleged regulatory lapses involving its CEO Chanda Kochhar, her husband and his business dealings.

SEBI  Chairman Ajay Tyagi also said that the bank has sought to settle the issues related to Chanda Kochhar through consent mechanism.

SEBI's statement comes after the market dealings of the ICICI Bank and Kochhar family have come under the regulatory sense of both SEBI and various other agencies.

Earlier, SEBI had issued show cause notices to ICICI Bank, Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with Videocon Group.

The bank and Kochhar have been maintaining there has been no regulatory violation on their part and that she was not aware of specific business dealings of her husband.

As per SEBI's preliminary probe, Chanda Kochhar's husband Deepak Kochhar has had many business dealings with Videocon Group over the last several years.

Besides, Deepak Kochhar and Videocon chief Venugopal Dhoot were co-founders and promoters of NuPower, besides other associations.

The cases under scanner include the significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of Kochhar's family members in the restructuring of that loan. Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities.

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