{"id":125372,"date":"2018-05-31T00:23:10","date_gmt":"2018-05-31T00:23:10","guid":{"rendered":"http:\/\/151.106.38.4\/2018\/05\/31\/icici-to-probe-against-ceo-chanda-kochhar\/"},"modified":"2018-05-31T00:23:10","modified_gmt":"2018-05-31T00:23:10","slug":"icici-to-probe-against-ceo-chanda-kochhar","status":"publish","type":"post","link":"https:\/\/nagalandpost.net\/index.php\/2018\/05\/31\/icici-to-probe-against-ceo-chanda-kochhar\/","title":{"rendered":"ICICI to probe against CEO Chanda Kochhar"},"content":{"rendered":"

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ICICI Bank\u2019s Board of Directors have decided to institute a \u201ccomprehensive enquiry\u201d to look into an anonymous whistle blower\u2019s complaint alleging that Bank\u2019s MD and CEO Chanda Kochhar had not adhered to provisions relating to \u201ccode of conduct\u201d of the bank.<\/span><\/div>\n
In a regulatory filing on Wednesday, the bank said: \u201cThe Board of Directors, at its meeting held on May 29, 2018 decided to institute an enquiry to be headed by an independent and credible person, to examine and enquire into an anonymous whistle blower complaint, disclosing certain information, alleging in substance that Bank\u2019s MD and CEO had not adhered to provisions relating to \u201cCode of Conduct\u201d of the bank and legal and regulatory provisions relating to \u201cconflict of interest\u201d over a period of time, as also alleging quid pro quo in the course of her work in dealing with certain customers\/borrowers of the Bank.\u201d<\/span><\/div>\n
The bank said the scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, \u201cuse of forensic\/email reviews and recordal of statement of relevant personnel, etc.\u201d<\/span><\/div>\n
The enquiry would also cover all connected matters in the course of the investigation to bring the matter to a final close.<\/span><\/div>\n
\u201cIn keeping with the Whistle Blower Policy of the bank, Board has mandated its audit committee to take all further actions in the matter to operationalise this decision — including in particular, appointment if an independent and credible person as Head of the Enquiry, determining the terms of reference of the Enquiry, the period which will be covered by the Enquiry,\u201d the bank said.<\/span><\/div>\n
\u201cThe Audit Committee will also, in consultation with the Head of the Enquiry, make arrangements to assist him with independent legal and other professional support as may be required,\u201d the bank added.<\/span><\/div>\n
Private lender ICICI Bank on May 25 said that Securities and Exchange Board of India (SEBI) had sought responses from the company and its MD and CEO Kochhar on alleged non-compliance of the \u201cerstwhile \u2018Listing Agreement\u2019 and the \u2018Listing Obligations and Disclosure Requirements) Regulations, 2015\u2019\u201d.<\/span><\/div>\n
According to a BSE filing, SEBI sought the reply via a notice issued to the private lender and its MD and CEO on May 24.<\/span><\/div>\n
As per the securities market regulator\u2019s LODR regulations, all listed entities are mandated to immediately disclose relevant and important information to stock exchanges. <\/span><\/div>\n
The notice by SEBI had been issued \u201cbased on information furnished by the bank or its MD and 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 and CEO has economic interests,\u201d the bank said.<\/span><\/div>\n
The bank said that appropriate responses would be submitted to SEBI in accordance with regulation.<\/span><\/div>\n
The SEBI notice comes more than a month after nepotism and conflict of interest allegations were levelled against Kochhar. It has been alleged that Kochhar had wrongfully granted a loan to Videocon Group and that her husband\u2019s company — NuPower Renewables — received a loan from the Videocon Group\u2019s Chariman Venugopal Dhoot on a quid-pro-quo basis. <\/span><\/div>\n
Chanda Kochhar on May 7 had said that private lender works under and abides by all regulatory norms and that it has been fully cooperating with regulatory and investigative agencies.<\/span><\/div>\n
On March 29, ICICI Bank Chairman M.K. Sharma had said that reports alleging nepotism by Kochhar were \u201cunfounded and malicious\u201d in nature.<\/span><\/div>\n
Saying that ICICI Bank\u2019s exposure to the Videocon Group (Videocon Industries and 12 of its subsidiaries or associates as co-obligors) for a debt consolidation programme and for the group\u2019s oil and gas capital expenditure programme aggregating approximately Rs 40,000 crore was less than 10 per cent.<\/span><\/div>\n
Sharma had asserted that no individual bank employee has the ability to influence decisions of the credit committee.<\/span><\/div>\n
He clarified that none of \u201cthe investors of NuPower Renewables are borrowers of ICICI Bank\u201d and that Kochhar did not chair the committee that had lent to Videocon.<\/span><\/div>\n
In addition, Sharma said at the press briefing that Kochhar has been making all her disclosures in accordance with the regulatory guidelines under the Companies Act and the Banking Act.<\/span><\/div>\n
Sharma revealed that the bank has \u2018satisfactorily\u2019 replied to the questions of all the regulators, which he described as an ongoing process between \u201ca regulated entity like a bank and the regulators and other government departments\u201d. <\/span><\/div>\n
In 2012, a consortium of 20 banks and financial institutions sanctioned credit facilities to the Videocon Group for a debt consolidation programme and for its oil and gas capital expenditure programme aggregating to approximately Rs 40,000 crore.<\/span><\/div>\n
\n<\/div>\n","protected":false},"excerpt":{"rendered":"

ICICI Bank\u2019s Board of Directors have decided to institute a \u201ccomprehensive enquiry\u201d to look into an anonymous whistle blower\u2019s complaint alleging that Bank\u2019s MD and CEO Chanda Kochhar had not adhered to provisions relating to \u201ccode of conduct\u201d of the bank. In a regulatory filing on Wednesday, the bank said: \u201cThe Board of Directors, at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-125372","post","type-post","status-publish","format-standard","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/125372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=125372"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/125372\/revisions"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=125372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=125372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=125372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}