ICICI moves NCLAT to seek early hearing on JAL insolvency plea
Business | June 17, 2019 20:53 ISTICICI Bank submitted that there has been no progress in its insolvency petition filed against JAL, which was filed in September last year.
ICICI Bank submitted that there has been no progress in its insolvency petition filed against JAL, which was filed in September last year.
Chanda Kochhar will now be asked to depose later this week. She had not appeared before the agency even last week citing health reasons.
Former ICICI Bank CEO Chanda Kochhar's brother-in-law Rajiv Kochhar, Wednesday moved a Delhi court seeking cancellation of look out circular (LOC) against him in an alleged bank loan fraud and money laundering case.
Slam dunk and an airtight case where the investigators have probable cause and clear collusion between Videocon's Dhoot and Kochhars.
In Brothers Kochhars case, the missing link is Sharad Mhatre. In hot pursuit of the paper trail of family enterprise, IANS has now found that two investment companies, Elegant Investrade Pvt Ltd and Daisy Finvest, were used by the Kochhars to further their business interests. Elegant was incorporated on January 29, 1997 by Ms Savita Naik and Mr Sidharth Jadhav for Rs 20.
The trace-back begins with Modern Fashions, which was one of the principal shareholders in the two Kochhar Brothers Credential twins, along with ABS Components Pvt Ltd and KG Computers Pvt Ltd which were the other two.
They have been questioned in the past too at the agency's office in Mumbai after the central agency conducted raids in this case on March 1.
The first Credential Finance Ltd (CFL) was birthed on January 23, 1985 as Bloomfield Builders & Construction at Mumbai RoC (Registrar of Companies) with registration No. 035149. By 1994, it fell into the hands of the Kochhars, who renamed it Credential Finance Ltd.
Pacific Capital Services Pvt Ltd is under inspection and a separate report is ready for submission by government agencies.
Private sector ICICI Bank on Monday posted 2.45 per cent rise in its consolidated net profit to Rs 1,170 crore in the fourth quarter of 2018-19.
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI bank to the Videocon Group during 2009 and 2011.
The ED had registered a case of money laundering in February on the basis of a CBI FIR. In January, the CBI had raided four locations in Mumbai related to the case.
The agency, in a statement, said it is "conducting searches under PMLA at the premises of Chanda Kochhar, former chairman ICICI Bank, and Venugopal Dhoot of Videocon Group in Mumbai and Aurangabad respectively."
The officials said the agency would probe if alleged kickbacks generated in the loan deal were laundered to create tainted assets.
Apart from the bonus received by Kochhar as the bank's executive head since 2009, she will also have to forgo her unexercised stocks options.
The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.
On Thursday, the investigative agency carried out searches at multiple locations after registering a case.
Sandeep Bakhshi, who kickstarted his professional career at a computer marketing company ORG Systems in 1983, joined the ICICI group in 1986.
IFC is seeking recovery of USD 30 million defaulted by Punj Lloyd. Earlier in June, ICICI Bank had approached NCLT to recover Rs 830 crore of outstanding loans to the firm.
