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.
SC rejects Chanda Kochhar’s appeal against Bombay HC order upholding ICICI’s decision to sack her
Judiciary
Dec 02, 2020
Samit Siddhanta
(
Editor: Ekta Joshi
)
3 Shares
On Tuesday, December 1, 2020, the Supreme Court rejected Kochhar’s appeal against the Bombay HC order upholding her sacking as the CEO and MD of the ICICI Bank. Kochhar was sacked last year after which the board also decided to take back all the bonuses given to her since 2009 when she took the charge of the post.Earlier, the Bombay High Court had dismissed her petition against the bank’s decision. Aggrieved by it, she approached the Apex court. But the apex court also dismissed her...
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...
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