CBI to question Chanda Kochhar and her husband

ICICI row stains corporate governance
ICICI Stocks slip to five month low after CBI inquiry in Kochhar Videocon loans case

06 April, 2018

News headlines about ICICI Bank (NYSE:IBN) have been trending somewhat negative on Sunday, according to Accern Sentiment Analysis.

With the allegations resurfacing over the past month, the ICICI Bank's board reviewed the bank's internal processes for credit approval and said they were robust. The bank has clarified on news item which appeared in the Business Standard newspaper on April 2, 2018, captioned "ED initiates enquiry into ICICI- Videocon loan case".

The CBI has launched a probe to verify the bank's loans to the Videocon group and possible nepotism in the loans extended.

The amount was part of the Rs 40,000-crore loan that the Videocon Group secured from a consortium of 20 banks led by SBI.

The Central Bureau of Investigation (CBI), which is investigating the Videocon-ICICI Bank loan transaction for any quid-pro-quo deals, will question the bank's CEO Chanda Kochhar and her husband Deepak Kochhar.

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It had stated that FLO will honour 10 Indian Women Achievers with FLO ICON AWARDS including Chanda Kochhar, Managing Director & CEO, ICICI Bank for Banking & Finance; Aarti Vij, Chief of AIIMS' Organ Retrieval and Banking Organization (ORBO) for Health & Wellness; Ekta Kapoor, Joint Managing Director and Creative Director of Balaji Telefilms for Media Entrepreneurship and Twinkle Khanna, Entrepreneurs, Author, Film Producer, for Conscientious Cinema. Dhoot later invested in Kochhar's NuPower Renewables.

The CBI has registered a preliminary enquiry (PE) to probe the alleged nexus between Deepak and Videocon chairman Venugopal Dhoot.

NuPower then got a loan of Rs 64 crore in March 2010 from a company called Supreme Energy. The RBI has imposed a penalty on ICICI Bank for violating regulations around selling securities from the held-to-maturity portfolio of the bank's treasury book. "ICICI never gave it loan, but company was benefited", Gupta told ANI. Envestnet Asset Management Inc.'s holdings in ICICI Bank were worth $4,497,000 as of its most recent filing with the SEC. Zacks Investment Research upgraded shares of ICICI Bank from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research note on Monday, January 8th.

Apart from Videocon, Rajiv's firm through its website (http://avistaadvisory.com/transactions/restructuring/) claims to have offered its services to companies like Suzlon (in 2014), Jaiprakash Associates (in 2017), GTL Infra (in 2012), JSL (in 2016), Sterling Biotech (in 2013), Jaiprakash Power Ventures (in 2015) etc. Intra-day, it dived 7% to Rs 258.90. Shares of ICICI Bank were trading down Rs. 16.95 at Rs. 261.45 on BSE. The institutional investor held 1.01M shares of the commercial banks company at the end of 2017Q4, valued at $9.86M, up from 804,067 at the end of the previous reported quarter.

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