Disclosure: ICICI Bank gets notice

The SEBI has issued another notice to ICICI Bank in a matter related to alleged delays in making certain disclosures related to the merger of the erstwhile Bank of Rajasthan. “The Bank has received a notice on July 31, 2018... relating to alleged delayed disclosure on May 18, 2010 of an agreement entered into by ICICI Bank on the same day subject to the approval of its Board of Directors relating to erstwhile Bank of Rajasthan,” ICICI Bank told the stock exchanges. The bank, however, added that it had made the required disclosure on the day of the board meet in May 2010. Meanwhile, the bank, in its latest annual report, has said that it is complying with all requests made by the US Securities and Exchange Commission (SEC) in a matter related to an anonymous whistleblower complaint received in March 2018. Even before this complaint, the Bank has been responding to requests for information from the SEC investigatory staff regarding an enquiry relating to the timing and amount of the Bank’s loan impairment provisions taken under U.S. GAAP,” it said. “The Bank evaluates loans for impairment under U.S. GAAP for the purpose of preparing the annual footnote reconciling the Bank’s Indian GAAP financial statements to U.S. GAAP. The Bank has voluntarily complied with all requests of the U.S. SEC investigatory staff for information and interviews related to the Bank’s U.S. GAAP loan impairment process.” it added.