Rs 3,250 crore scam: Noose tightens around Chanda Kochhar as SEBI serves notices to her, ICICI Bank

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The Securities and Exchange Board of India (SEBI) on Thursday served notices to ICICI bank and its CEO Chanda Kochhar asking their responses on alleged non-compliance of the “erstwhile ‘Listing Agreement’ and the ‘Listing Obligations and Disclosure Requirements) Regulations, 2015′”.

Chanda Kochhar

According to a BSE filing, SEBI sought the reply via a notice issued to the private lender and its MD and CEO on 24 May, reported IANS news agency.

As per the securities market regulator’s LODR regulations, all listed entities are mandated to immediately disclose relevant and important information to stock exchanges.

“The MD and 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015′,” IANS quoted BSE filing.

The filing added, “The notice has been issued based on information furnished by the bank or its MD and 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 and CEO has economic interests.”

Earlier in March this year, Janta Ka Reporter had reported how Prime Minister Narendra Modi and the then Finance Minister Arun Jaitley were informed about the alleged corruption involving the ICICI CEO, Chanda Kochhar, worth Rs 3,250 crore.

Chanda Kochhar, a known friend of PM Modi, is alleged to have favoured Videocon Group in its lending practices. She was one of the first big corporate names to have lent her support to PM Modi’s pet scheme, Swachh Bharat Abhiyan, by making it mandatory for ICICI branches to actively take part in the campaign.

Kochhar was also summoned by the anti-fraud agency, SFIO, in a bank fraud case related to over Rs 5,000 crore loan extended to diamond merchant Mehul Choksi.

 

 

 

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