Outside the ICICI Bank Towers in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

SEBI Yet To Receive Reply From ICICI Bank On Chanda Kochhar Issue, Says Tyagi

Securities and Exchange Board of India Chairman Ajay Tyagi today said the regulator is yet to receive a reply from ICICI Bank Ltd. on allegations involving its Chief Executive Officer Chanda Kochhar.

Besides SEBI, various other agencies, including the Central Bureau of Investigation, are looking into alleged lapses involving Kochhar and her family members with respect to loans extended by the lender to certain entities, including the Videocon group.

“We are yet to receive a reply from ICICI Bank,” Tyagi said while briefing reporters after a SEBI board meeting.

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

Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities.

On Monday, ICICI Bank announced that Kochhar has decided to go on leave till the completion of an external enquiry into alleged conflict of interest in extending loans to some corporates like Videocon and named Sandeep Bakhshi as the chief operating officer.

Also read: SEBI Serves Notice To ICICI Bank’s Chanda Kochhar In Videocon Loan Case