Income Tax issues notice to Deepak Kochhar in Videocon loan case

Adjust Comment Print

The meeting coming in the midst of reports that the Central Bureau of Investigation (CBI) is set to question the bank's managing director and chief executive officer Chanda Kochhar and her husband, Deepak Kochhar in the Videocon loan case.

Last week, the bank described rumours circulating online alluding to conflicts of interest in ICICI's lending to Videocon, alleging that CEO Kochhar favoured the conglomerate, as "malicious and unfounded". Arga Investment Management Lp acquired 2.70 million shares as Icici Bank Ltd (IBN)'s stock declined 11.13%. The Dhoot had transferred proprietorship of the company to a trust owned by Deepak Kochhar for Rs.9 lakh, six months after he received loan from ICICI Bank.

ICICI Bank Limited (NYSE:IBN) shares, India's third-largest lender, slumped 7 percent to a five-month low on Monday after reports of authorities probing its lending practices.

United Nations seeks $2.96bn humanitarian aid for Yemen
Last week, Saudi air defences intercepted a flurry of missiles, and falling debris caused the first death in the capital Riyadh . The war has killed more than 10,000 people, displaced more than 2 million and driven the country to the verge of starvation .

The loan had recently made news after reports questioned it and linked it to a possible quid pro quo that Videocon group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochchar.

When reached for comments, ICICI Bank spokesperson said, "We would like to categorically state that ICICI Bank has never engaged Avista Advisory Group for any services at all".

Reports have claimed that Dhoot had transferred ownership of the company to Deepak Kochchar six months after ICICI Bank granted the Videocon Group a Rs 3,250-crore loan, and that almost 86% of this loan - Rs 2,810 crore - is still unpaid.

San Francisco Giants Offense Off to Scary Slow Start
Cueto retired his first 18 hitters before Chris Taylor punched a soft single to right-center leading off the seventh inning. The Diamondbacks have hit.312 against southpaws so far and while Ryu is 2-2 in this park, he has a 4.80 ERA in those games.

Earlier this week, media reports mentioned the alleged involvement of Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis. To be more specific, even if Rajiv Kochhar's company benefited from a business deal involving ICICI Bank, headed by Chanda Kochhar, Rajiv Kochhar wouldn't be considered as Chanda's relative in the eyes of Companies Act.

The board had also reviewed the banks internal processes for credit approval and found them robust, the private sector lender had said in a statement. However, it could only manage 78% subscription, raising Rs 3,500 crore from the market. He had no contact with either Deepak Kochhar or Chanda Kochhar after the return of the stake, he said. Intra-day, it dived 7% to Rs 258.90.

Thomas White International Ltd increased its stake in Icici Bank Ltd Adr (IBN) by 25.98% based on its latest 2017Q4 regulatory filing with the SEC. RBI, on March 29, imposed a penalty of Rs 58.9 crore on the bank for failing to adhere to the guidelines of held-to-maturity (HTM) category in its bonds portfolio. It also reduced its holding in Cemex Sa (NYSE:CX) by 1.46 million shares in the quarter, leaving it with 3.99 million shares, and cut its stake in Ally Financial Inc (NYSE:ALLY).

Egypt's Sisi wins 2nd presidential term: Final results
Addressing voters, Ibrahim said: "You proved your love for Egypt and that you were and still are behind your country". He promised "to continue my oath to be loyal in my work, not sparing any effort in order to advance our nation".

Comments