Videocon case: Sebi issues notice to ICICI bank MD Chanda Kochhar

Mumbai: Stock markets regulator - Securities and Exchange Board of India (SEBI) has served a notice on ICICI Bank CEO and MD Chanda Kochhar on dealings of the bank with Videocon Group and Nupower, an entity in which her husband Deepak Kochhar has economic interests, the private sector lender said today.

The bank in a filing, on Friday, informed the Bombay Stock Exchange (BSE) about the development.

"The MD & CEO and the Bank received a Notice from SEBI on May 24, 2018 ... 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," ICICI Bank said in the filing.

The notice, it further said has been issued based on information furnished by the Bank/its MD & CEO to diverse 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 Deepak Kochhar spouse of MD& CEO has economic interests.

The CBI has launched a preliminary investigation into Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012 and the possible role of Kochhar's husband -- Deepak Kochhar.

Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured a loan from a consortium of banks, including ICICI.

The ICICI Bank in a statement said that appropriate responses will be submitted to SEBI by them in accordance with regulation.

(With inputs from agencies)