SEBI puts Chanda Kochhar on notice in Videocon case

Mumbai, May 25

Market regulator SEBI has served a notice on ICICI Bank CEO and MD Chanda Kochhar on 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.

Appropriate response would be submitted to the SEBI, the bank said in a stock exchange filing.

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

Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 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 notice, the bank further said, has been issued based on information furnished by the bank/its MD & CEO to diverse queries made by SEBI concerning dealings between the bank and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar, spouse of MD & CEO has economic interests.

Last month, ICICI Bank Chairman MK Sharma had said the Board has full confidence in Chanda Kochhar and ruled out any quid pro quo as alleged with regard to certain loan given to Videocon Group. Earlier, the bank had clarified that none of investors of NuPower Renewables is a borrower of ICICI Bank. — PTI

Rs 3,250-crore loan 

• The notice has been served on ICICI Bank CEO Chanda Kochhar on dealings of the bank with Videocon Group and Nupower, an entity in which her husband Deepak Kochhar has economic interests
• The CBI has launched a preliminary investigation into Rs 3,250 crore-loan ICICI Bank had extended to Videocon in 2012 and the possible role of Kochhar’s husband — Deepak Kochhar
• Appropriate response would be submitted to the SEBI, the country’s largest private bank said in a stock exchange filing
• Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured a loan from a consortium of banks, including ICICI.