With CEO Chanda Kochhar Under Fire, ICICI Moves To Settle The Case

According to the Securities and Exchange Board of India, ICICI Bank CEO Chanda Kochhar has indicated that the group would like to settle the matter at the earliest. Loans had been given to Venugopal Dhoot’s Videocon group. No formal letter has been filed yet, the Financial Express reported.

In case of alleged violation of disclosing norms, SEBI had issued a show-cause notice to Kochhar. At the company’s recently organised AGM, the chief operating officer Sandeep Bakhshi said, “We want to clarify that the matter is pending at adjudication and the bank has not received any notice.”

He added that Kocchar had not been attending office and that they are awaiting Justice BN Srikrishna’s investigation report before taking any step ahead. A response has been submitted in reply to the show-cause notice.

Kocchar has been on leave since the bank decided to probe on the allegations. ICICI bank lent out a loan of Rs 3,250 crore to the Videocon group in 2012. Later, NuPower Renewables run by Kochhar’s husband Deepak received Rs 64 crore from Videocon’s promoter through a series of investments. Kochhar has been charged with conflict of interest after various whistle-blowers gave out statements.

Shares of the bank have been plummeting down since the controversy.