Home Market ICICI Bank may seek to settle Chanda Kochhar case with Sebi

ICICI Bank may seek to settle Chanda Kochhar case with Sebi

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Private lender ICICI Bank is looking to make peace and file a consent petition with markets regulator Securities and Exchange Board of India (Sebi) to end the ongoing investigation against its CEO and MD Chanda Kochhar in Videocon loan case, ET Now reported quoting sources on Thursday.

The report further added that the board wants to avoid prolonged adjudication proceedings as the bank is mulling options to file consent plea, the report said.

The lender is facing the heat in view of allegations made against Kochhar for allegedly providing loans on quid pro quo basis to benefit family members.

The capital markets regulator in a show cause notice recently said that ICICI Banks chief executive Chanda Kochhar didnt adhere to its code of conduct, which required the disclosure of any conflict of interest in the case involving Videocon Group and NuPower Renewables, a firm owned by her husband Deepak Kochhar.

The notice also said that the bank indirectly violated the disclosure norms of the Sebi by not divulging this information, according to a report by ET.

Chanda Kochhar has gone on planned annual leave, the bank said on June 1.

Shares of the company closed 2.52 per cent up at Rs 290.95 on Thursday as against 0.81 rise in BSE Sensex.

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