SEBI issues notice to ICICI Bank, Chanda Kochhar in Videocon issue

The Securities and Exchange Board of India (SEBI) has issued a notice to ICICI Bank and its managing director and chief executive officer Chanda Kochhar in the Videocon matter, involving the private sector company Nupower Renewables that is promoted by Ms. Kochchar's husband Deepak Kochhar.

“The MD&CEO and the bank received a notice from SEBI on May 24, 2018... requiring responses on matters relating to alleged non-compliance with certain provisions of the erstwhile Listing Agreement and the Securities and Exchange Board of India [Listing Obligations and Disclosure Requirements] Regulations 2015,” said the bank in a stock exchange announcement on Friday.

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

The bank stated that “appropriate responses would be submitted to SEBI in accordance with regulation.”