ICICI Bank, Chanda Kochhar get Sebi notice in Videocon loan case

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The bank said appropriate responses would be submitted to Sebi in accordance with regulations.
NEW DELHI: ICICI Bank on Friday said that it has received a notice from marketS regulator Securities and Exchange Board of India (Sebi) in Videocon Group loan case.

In a BSE filing the lender said the MD & CEO and the Bank received a notice from Sebi on May 24.

The notice has been issued based on information furnished by bank and its MD & CEO to diverse queries made by Sebi concerning dealing between the bank and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar spouse of MD & CEO has economic interests.

It further added that appropriate responses would be submitted to Sebi by the bank in accordance with regulations.

The CBI has launched a preliminary investigation into Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012 and the possible role of Kochhar's husband -- Deepak Kochhar, PTI reported.

Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured a loan from a consortium of banks, including ICICI.

ICICI has denied any wrongdoing in the loan, saying it was part of a consortium of lenders that extended the facility to Videocon, the agency agency.
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