SEBI notice to ICICI Bank, CEO Kochhar

Issue pertains to loans given to Videocon The Securities and Exchange Board of India (SEBI) has issued notice to ICICI Bank and its managing director and chief executive officer (MDand CEO) Chanda Kochhar in the Videocon loan matter, which also involves Nupower Renewables, a company promoted by her husband Deepak Kochhar. Announcement “The MDand CEO and the bank received a notice from SEBI on May 24, 2018... The notice has been issued based on information furnished by the bank/its MDand CEO to queries made by SEBI concerning dealings between the bank and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity in which Mr. Deepak Kochhar, spouse of the MDand CEO, has economic interests,” the bank said in a stock exchange announcement on Friday. Though the capital market regulator had issued the notice on Thursday, the bank’s stock exchange statement was issued only after market hours on Friday. Shares of ICICI Bank lost a marginal 0.25% on Friday to close at Rs. 296.50. The watchdog has issued the notice for the bank’s alleged non-compliance with some provisions of the Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, according to the exchange statement.