SEBI probing disclosure lapses against this bank!!!

The matter, it need be mentioned, is of alleged conflict of interest in the grant of loans to the Videocon group

The ICICI Managing Director and CEO Chanda Kochhar and the Videocon loan saga continues to make news.

In the latest in that series, the markets regulator Securities and Exchange Board of India (Sebi) has started proceedings against ICICI Bank Ltd for non-disclosure of information in the matter.

The matter, it need be mentioned, is of alleged conflict of interest in the grant of loans to the Videocon group.

It need be mentioned that the company told NSE that SEBI has sent the bank and Chanda Kochhar, its MD and CEO, a notice alleging violation of Listing Obligation and Disclosure Requirements (LODR) and for not making adequate disclosures.

The SEBI was probing alleged corporate governance and disclosure lapses at the bank.

SEBI had sent a notice to the bank seeking its response and the bank said that it will submit its response soon.

The case pertains to alleged conflict of interest in a Rs3,250 crore loan ICICI Bank gave Videocon group.

The amount was part of a Rs40,000 crore loan by a consortium of 20 banks in 2012.

Videocon group promoter Venugopal Dhoot allegedly gave Rs64 crores in 2010 through a fully-owned entity to NuPower Renewables, which he set up with Deepak Kochhar and two of his kin.

It is alleged that he transferred proprietorship of the firm to a trust owned by Deepak Kochhar for Rs9 lakh six months after he received the loan from ICICI Bank.

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