Published: Wed, April 04, 2018
Sports | By Toni Houston

ICICI Bank Board To Meet Today To Review Insolvency Cases

ICICI Bank Board To Meet Today To Review Insolvency Cases

"ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012", it added. Meanwhile, the Enforcement Directorate is waiting for the CBI to file a case in the matter so that it can also initiate probe.

According to the whistleblower's letter, ICICI Bank extended loans to the tune of Rs 3,250 to various private companies belonging to Videocon Industries.

Shares of ICICI Bank stock traded up $0.14 during trading on Friday, reaching $8.85.

At 11:30 AM, the stock had slipped 6.20% or 17.25 points to Rs 261.10, the lowest since October.

Dhoot has said that his investment in Supreme Energy, the company alleged to have invested in Deepak Kochhar's promoted NPRL, was only in thousands of rupees and temporary. The issue of conflict of interest arose with Videocon taking a loan of Rs 3,250 crore from ICICI Bank at the same time when Venugopal Dhoot had an interest in Nupower Renewables, a company where Deepak Kochhar has a stake. In a note, ICICI Bank said, "ICICI Bank would like to categorically state that it has never engaged Avista Advisory Group for any services at all". He further alleges that ICICI Bank also extended offshore funding amounting to Rs 660 crore to a Videocon Group company based in the Cayman Islands.

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.

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The board of ICICI Bank met on Monday to review the insolvency cases before the National Company Law Tribunal and other routine matters.

Ms Kochhar, who is known for her extra ordinary contribution in taking retail banking to all together different level, ICICI bank in particular and banking sector in general, is facing conflict of interest charges by one of the investors of ICICI bank and Videocon group.

Indian Investors Protection Council Trustee Arvind Gupta said the evidence in the case pointed out that Chanda Kochhar was herself a beneficiary of the loan, and said her husband Deepak Kochhar is an indirect beneficiary of the loan granted to Videocon. Nearly 86 per cent of the Rs 3,250 crore loan (Rs 2,810 crore) remains unpaid.

Sentiments amid stock traders was already in the negative with the RBI's fine of RS 58.9 crore for non-compliance in sale of bonds. ETRADE Capital Management LLC lifted its stake in shares of ICICI Bank by 53.4% in the 3rd quarter.

Among 7 analysts covering ICICI Bank (NYSE:IBN), 5 have Buy rating, 0 Sell and 2 Hold. JPMorgan Chase & Co. lifted its stake in shares of ICICI Bank by 3.4% in the 3rd quarter.

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