A preliminary examination conducted by
Securities and Exchange Board of India (SEBI) has favoured adjudication proceedings against ICICI Bank and its
CEO Chanda Kochhar for alleged violation of listing disclosure norms regarding ‘conflict of interest’ in her husband’s business dealings with the Videocon Group.
A senior official has said that the ICICI Bank may face a penalty of up to Rs. 25 crores under the relevant SEBI regulations, while the fine for Ms. Kochhar may go up to Rs. 1 crore besides other penal actions. A formal adjudication process will commence after taking into account the replies to the show-cause notice issued to the Bank, Ms. Kochhar and others in the matter.
Ms. Kochhar has gone on leave till the completion of the enquiry but would continue to be MD and CEO as per the bank’s regulatory filing. In her absence, the group’s life insurance arm head
Sandeep Bakshi has been appointed as a whole time director and COO. The issue revolves around the extending of Rs. 3,250 crore loan to Videocon Group by the bank in 2012 and the involvement of Kochhar’s family members in the restructuring of the loan.
ED to File Status Report on 14th October 2020 in ICICI Bank Videocon Money Laundering Case
Business
Oct 10, 2020
VANDANA KOTHARI
(
Editor: Ekta Joshi
)
1 Shares
On September 7th 2020, Mr. Deepak Kochhar, husband of former ICICI Bank chairperson Chanda Kochhar, was arrested for being in connection to the ICICI Bank- Videocon money laundering case under the provisions of the Prevention of Money Laundering Act (PMLA) by the Enforcement Director for the purpose of questioning. The money laundering case is based on a CBI’s FIR against the couple and others for defrauding ICICI Bank by granting loans illegally in lieu of kickback.Mr. Kochhar was in...
Former ICICI Bank chief Chanda Kochhar’s husband arrested over money laundering charges
Business
Sep 09, 2020
Shreya Tulavi
(
Editor: Ekta Joshi
)
7 Shares
The Enforcement Directorate (ED) Monday (September 7, 2020) arrested Deepak Kochhar, husband of former ICICI Bank chief Chanda Kochhar, in connection with its money laundering probe into loans disbursed by ICICI Bank to Videocon group for alleged pecuniary considerations. An ED source said Deepak had been called for questioning in connection with some “fresh evidence of money trail” in the case. However, after he refused to come to Delhi citing the pandemic, he was questioned by a team of...
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