Economy

'SEBI looking into ICICI Bank matter'

'SEBI looking into ICICI Bank matter'

A PE is the first step to investigate an alleged act of corruption/fraud.

ICICI Bank chief executive Chanda Kochhar sat on the bank's credit committee that sanctioned a loan of Rs 3,250 crore to the Videocon Group in 2012, the private lender's chairman MK Sharma told reporters in Mumbai on Thursday. Ever since Punjab National Bank came out with a disclosure in January this year about some fraudulently issued Letters of Undertaking to diamond merchant Nirav Modi, disturbing news about non performing assets, court cases and loan scams keep emerging everyday and it remains to be seen how the respective banks are planning to get out of this tight situation. "We also sold our shares in Supreme Energy in 2010".

So, it is succinctly clear from the above transactions that Deepak Kochhar benefitted financially through a series of transactions. From September 2012 to April 2013, Punglia transferred his holding to Pinnacle Energy, a trust, in which Deepak Kochhar was the managing trustee. That's one side of the story.

The Delhi Police on Friday arrested an ex-manager of the ICICI Bank as well a qualified MBA along with two associates and busted a gang of cheats who used innocent job seekers to withdraw money from banks through RTGS/NEFT using forged letter heads of firms. He also defended Chanda Kochhar's decision not to have recused herself from the credit committee meeting which sanctioned loans to the Videocon group. ICICI Bank's exposure, in that transaction, was Rs 3250 crore.

The CBI has collected documents related to the Rs 40,000-crore loan as well as documents related to Deepak Kochhar and Dhoot setting up NRPL.

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"On looking at all the above facts, the board has come to the conclusion that there is no question of any quid pro quo/nepotism/conflict of interest as is being alleged in various rumours". "ICICI Bank had continued with the sales from HTM category for a few weeks during the quarter ended March 31, 2017, due to a genuine misunderstanding on the timing of the applicability of RBI's direction in this matter".

REGULATOR'S QUERIES ANSWERED ICICI has denied any wrongdoing on its part and on the part of Chanda Kochhar. "ICICI never gave it loan, but company was benefited", Gupta claimed.

It is important to note here that all banks including ICICI Bank disbursed the Rupee Term Loan into the common escrow pool account being maintained for this goal by the lead bank.

NuPower Renewables has, on its part, said that it has no concern or connection with ICICI Bank's lending to companies owned by Venugopal Dhoot, the promoter of Videocon.

ICICI bank's explanation seems convincing given that the exposure to Videocon was via a consortium of lenders and control of the consortium was not with ICICI. "Hence, there was no need for Chanda Kochhar to recuse herself from the committee", Sharma said in a conference addressing television channels. The remaining shares were held by Deepak Kochhar.


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