CHANDA GETS SEBI NOTICE IN VIDEOCON CASE

Mumbai, May 25: Market regulator Sebi has served a notice on ICICI Bank CEO and MD Chanda Kochhar on the dealings of the bank with Videocon Group and Nupower, an entity in which her husband Deepak Kochhar has economic interests, the private sector lender said on Friday.

An appropriate response would be submitted to the Sebi, the bank said in a stock exchange filing.

The CBI has launched a preliminary investigation into ` 3,250- crore loan that ICICI Bank had extended to Videocon in 2012 and the possible role of Ms Kochhar’s husband — Deepak Kochhar.

Reports have alleged that Videocon chairman Venugopal Dhoot invested ` 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured a loan from a consortium of banks, including ICICI.

ICICI Bank has denied any wrongdoing in the loan, saying it was part of a consortium of lenders that extended the facility to Videocon.

“The MD & CEO and the Bank received a notice from Sebi on May 24, 2018 requiring responses on matters relating to alleged non- compliance with certain provisions of the erstwhile listing agreement and Sebi regulations,” the bank said in the filing.

The notice, it further said, has been issued based on information furnished by the bank to diverse queries made by Sebi on dealings between the bank and Videocon Group.