Videocon case: SEBI issues notice to ICICI Bank, Chanda Kochhar

New Delhi [India], May 25 (ANI): Market regulator Securities and Exchange Board of India (SEBI) has issued a notice to ICICI Bank and its CEO and MD Chanda Kochhar regarding an alleged non-compliance of provisions in dealings between the bank and Videocon Group, the private sector lender said on Friday.

The bank received a notice from SEBI on May 24 under Rule 4(1) of SCR (Procedure for Holding Inquiry and imposing penalties by Adjudicating Officer) Rules 2005 requiring responses on matters relating to alleged non-compliance with certain provisions of the erstwhile Listing Agreement and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The notice has been issued based on information furnished by the ICICI and Kochar to diverse queries made by the SEBI concerning dealings between the ICICI and Videocon Group and certain dealings between Videocon Group and Nupower, an entity in which Deepak Kochhar, husband of Chanda Kochar has economic interests.

The ICICI bank, in a statement, said that the appropriate responses would be submitted to SEBI by them in accordance with regulation.

This disclosure was made by the ICICI bank in accordance with the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

For those unversed, the CBI is examining the sanctioning of a loan worth Rs.3, 250 crore by ICICI Bank to Videocon Group in 2012 on quid pro quo basis. (ANI)

This story has not been edited. It has been published as provided by ANI