{"id":28916,"date":"2018-10-24T15:45:29","date_gmt":"2018-10-24T10:15:29","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28916"},"modified":"2018-10-24T15:45:29","modified_gmt":"2018-10-24T10:15:29","slug":"icici-banks-growing-troubles","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/icici-banks-growing-troubles\/","title":{"rendered":"ICICI Bank\u2019s growing troubles"},"content":{"rendered":"

ICICI Bank\u2019s growing troubles<\/strong><\/p>\n

News:<\/u><\/strong><\/p>\n

1. Companies linked to ICICI Bank controversy come under\u00a0Ministry of Corporate Affairs\u00a0(MCA)<\/strong><\/p>\n

Important facts:<\/u><\/strong><\/p>\n

2. Since March 2018, one of India\u2019s largest privater lenders \u2013 ICICI Bank \u2013 and its Managing Director and CEO Chanda Kochhar, have been in the spotlight for all the wrong reasons.<\/p>\n

3. The allegations include a\u00a0potential violation of the bank\u2019s code of conduct<\/strong>\u00a0and of quid pro quo in dealing with certain borrowers.<\/p>\n

4. The ministry is looking at allegations with respect to fraudulent, preferential or under-valued transactions.<\/p>\n

5. Last month, markets regulator\u00a0Securities and Exchange Board of India (SEBI) had served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower.<\/p>\n

6. The ministry, which is implementing the Companies Act, has powers to take stringent action against entities for violations.<\/p>\n

ICICI Bank Controversy:<\/u><\/strong><\/p>\n

7. There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group a quid pro quo basis.<\/p>\n

8. It was also alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar<\/p>\n

9. The controversy came to light last March when the media reported Mr Gupta\u2019s allegations.<\/p>\n

ICICI Bank\u2019s reponse:<\/u><\/strong><\/p>\n

10. The board of ICICI Bank had reposed confidence in Ms. Kochhar after the issue came to light in March, denying any conflict of interest.<\/p>\n

11. ICICI Bank also said that the total loan extended by the lenders\u2019 consortium to the Videocon group, which included Videocon Industries and 12 of its subsidiaries, was around \u20b940,000 crore.<\/p>\n

12. The bank highlighted the fact that it was not the lead bank in the consortium.<\/p>\n

13. The bank said the committee of creditors that sanctioned loans to Videocon was chaired by the then chairman of ICICI Bank, K.V. Kamath, and it included independent and working directors of the bank.<\/p>\n

Investigation agency\u2019s reaction:<\/u><\/strong><\/p>\n

14. The Central Bureau of Investigation has registered a preliminary enquiry against Deepak Kochhar.<\/p>\n

15. However, this inquiry did not name Chanda Kochhar.<\/p>\n

Recent updates:<\/u><\/strong><\/p>\n

16. Last week, the bank\u2019s board ordered a probe by an \u2018independent and credible\u2019 person following fresh allegations from another whistleblower against Ms. Kochhar.<\/p>\n

17. The allegations include a\u00a0potential violation of the bank\u2019s code of conduct<\/strong>\u00a0and of quid pro quo in dealing with certain borrowers.<\/p>\n

18. The board\u2019s Audit Committee will appoint the head of the inquiry panel, outline its terms of reference and specify the period covered by the probe.<\/p>\n","protected":false},"excerpt":{"rendered":"

ICICI Bank\u2019s growing troubles News: 1. Companies linked to ICICI Bank controversy come under\u00a0Ministry of Corporate Affairs\u00a0(MCA) Important facts: 2. Since March 2018, one of India\u2019s largest privater lenders \u2013 ICICI Bank \u2013 and its Managing Director and CEO Chanda Kochhar, have been in the spotlight for all the wrong reasons. 3. The allegations include… Continue reading ICICI Bank\u2019s growing troubles<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28916","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704953072},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28916"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28916\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}