22/04/2018 Sebi may seek forensic probe of ICICI Bank's books, disclosures - The Economic Times

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Sebi may seek forensic probe of ICICI Bank's books,

disclosures
BY PTI | APR 22, 2018, 12.20 PM IST Post a Comment

New Delhi: Markets watchdog Sebi is mulling getting a forensic examination done on
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financial statements and disclosures made by ICICI Bank in last few years amid a
controversy over alleged conflict of interest involving the lender's CEO Chanda Kochhar Videocon
and her husband.
According to top officials, the capital markets regulator will also consult the Reserve Bank ICICI Ban…
of India (RBI) on the matter to avoid any intra-regulatory jurisdiction issues. Bank Of I…

The forensic examination will focus on various disclosures made by the top private sector Big Change:
bank over the last few years, vis-a-vis the clarifications submitted by ICICI Bank to the The end of Five-Year Plans: All you need to know

stock exchanges in reply to queries made in the backdrop of a controversy regarding

certain loans extended as part of a consortium to Videocon.

Officials said the examination will also cover the disclosures made at the time of Kochhar being appointed as CEO and Managing
Director of the bank for the first time in 2009.

If required, Sebi will also seek details from the bank regarding various business dealings involving its top officials including Kochhar to
look into alleged conflict of interest.

The Securities and Exchange Board of India (Sebi) has been looking into the matter for any possible disclosure and corporate
governance-related lapses at ICICI Bank, but has not come across any concrete proof so far, the officials said.

A probe by RBI in 2016 also did not find any 'quid pro quo' vis-a-vis ICICI Bank with regard to the loan extended to Videocon by the
consortium which had the private sector lender as 'a small member', they added.
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ICICI Bank landed in the controversy following allegations about a Rs 3,250 crore loan to Videocon Group, whose chairman Venugopal
Dhoot has been accused of having business dealings with NuPower Renewables, operated by Chanda Kochhar's husband Deepak
Kochhar.

Besides, questions have been raised about Avista Advisory, run by Chanda's brother-in-law Rajiv Kochhar, having advised some clients
of ICICI Bank.

The bank however has denied all these allegations and its board has strongly defended the chief executive saying it has full faith and
confidence in Kochhar.

Since RBI had already looked into the matter in 2016 and found no wrongdoing, the bank and its board members have been exuding
confidence that the company would get out of the controversy unscathed.

Kochhar has been known as one of the biggest driving forces behind the phenomenal growth of ICICI Bank, especially of its retail

https://economictimes.indiatimes.com/markets/stocks/news/sebi-may-seek-forensic-probe-of-icici-banks-books-disclosures/printarticle/63866288.cms
22/04/2018 Sebi may seek forensic probe of ICICI Bank's books, disclosures - The Economic Times

banking operations which got redefined following the entry of this private sector lender in the Indian banking space.

Subsequently, she has played a key role in expanding the bank's business in other areas and its diversification, including the digital
push in recent years.

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https://economictimes.indiatimes.com/markets/stocks/news/sebi-may-seek-forensic-probe-of-icici-banks-books-disclosures/printarticle/63866288.cms