Business

ICICI Chairman Chanda Kochhar Under Scanner Of A US Agency

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| June 10 , 2018 , 17:29 IST

ICICI Bank Chairman Chanda Kochhar is under the radar of the United States' markets regulator Securities and Exchange Commission (SEC) as per reports. The SEC is an independent agency of the United States Federal Government.

Reports state that the SEC (Securities and Exchange Commission) is keeping an eye on the issue of the videocon deal since ICICI Bank is also listed in the US market. SEC may ask the Indian market regulator SEBI (Securities and Exchange Board of India) to give more details about this. SEBI has already issued showcause notices to ICICI Bank and Kochchar in connection with the investigation.

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The case under the scanner is the bank’s Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Kochhar family members in the restructuring of the loan.

Acting Finance Minister Piyush Goyal said last week that the law will take its own course in the alleged case of nepotism at ICICI Bank, even though it is a good bank with "very robust processes" and there was no cause for concern for any of the stakeholders of ICICI Bank.

A senior official told the media that the Ministry of Corporate Affairs was looking into companies involved in the ICICI Bank controversy of the alleged conflict of interest in Chanda Kochhar's dealings with certain borrowers. He also added that the affairs of ICICI Bank are not being looked into by the Ministry as that is completely under the purview of the Reserve Bank of India.