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  Business   Companies  26 May 2018  Chanda Kochhar receives notice from SEBI over Videocon loans

Chanda Kochhar receives notice from SEBI over Videocon loans

REUTERS
Published : May 26, 2018, 10:27 am IST
Updated : May 26, 2018, 11:00 am IST

ICICI Bank is battling allegations that Kochhar allegedly favoured Videocon Group in its lending practices.

Chanda Kochhar, MD & CEO of ICICI Bank
 Chanda Kochhar, MD & CEO of ICICI Bank

ICICI Bank Ltd said on Friday the lender and its chief executive, Chanda Kochhar, had received a notice from the Securities and Exchange Board of India (SEBI) seeking responses over alleged non-compliance with certain rules.

The bank said it would respond to the SEBI, adding that the notice received on Thursday was based on information given by the bank and its CEO on earlier queries over their dealings with the Videocon conglomerate.

 

ICICI, India’s third-biggest lender by assets, is battling allegations that Kochhar allegedly favoured Videocon Group in its lending practices. Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband.

The bank has backed Kochhar, calling the rumours “malicious and unfounded”.

Tags: chanda kochhar, icici bank, sebi, videocon, loans