ICICI Bank yet to respond to SEBI’s notice over allegations against Chanda Kochhar

ICICI Bank has not yet responded to the notice served by the Securities and Exchange Board (SEBI) on its CEO and MD Chanda Kochhar on alleged dealings of the bank with Videocon Group and Nupower, an entity in which her husband Deepak Kochhar has economic interests, chairman Ajay Tyagi told reporters on Thursday. In late May, SEBI served notice on Chanda Kochhar seeking responses on matters relating to alleged non-compliance.

An enquiry has been since launched over the allegations and Chanda Kochhar has been sent on vacation, while veteran Sandeep Bakhshi will serve as the interim head in her absence. ICICI Bank launched an enquiry into the allegations levelled by “an anonymous whistleblower” accusing her of quid pro quo and not adhering to ‘code of conduct’, amid the ongoing controversy over the Videocon loan case.

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 informed the stock exchanges that it would submit “appropriate” responses to Sebi in accordance with regulation. ICICI Bank Chairman M K Sharma had said the board has full confidence in Chanda Kochhar and ruled out any quid pro quo as alleged with regard to a certain loan given to Videocon group. Earlier, the bank had clarified that none of the investors of NuPower Renewables is a borrower of ICICI Bank.

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