ICICI Bank, CEO receive notice from capital markets regulator over Videocon loans

Videocon Industries (India)

25/05/2018 14:24

May 25 (Reuters) - ICICI Bank Ltd  ICBK.NS  said on Friday
the lender and its chief executive, Chanda Kochhar, had received
a notice from India's capital markets regulator seeking
responses over alleged non-compliance with certain rules.
    The bank said it would respond to the Securities and
Exchange Board of India, adding that the notice received on
Thursday was based on information given by the bank and its CEO
on earlier queries over their dealings with the Videocon
conglomerate  VEDI.NS .
    ICICI, India's third-biggest lender by assets, is battling
allegations that Kochhar allegedly favoured Videocon Group in
its lending practices. Videocon's founders had an investment in
a renewable energy company founded by Kochhar's husband.
    The bank has backed Kochhar, calling the rumours "malicious
and unfounded". urn:newsml:reuters.com:*:nL3N1RA52Z

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Subhranshu Sahu)
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