hp for ($i=0; $i]+>!is", "", $news['Contains'][$i]['Body']); ?>

RBI probed ICICI Bank's loan to Videocon in 2016

RBI probed ICICI Bank's loan to Videocon in 2016

RBI probed ICICI Bank's loan to Videocon in 2016

The Income Tax Department has issued a notice to Deepak Kochhar, husband of ICICI bank MD and CEO Chanda Kochhar, in connection with its tax evasion probe in the Videocon bank loan case, officials said. The bank clarified that the meeting was pre-scheduled and that the board had been meeting regularly in the first week of April in the previous years too, to review the progress the in resolution of large accounts.

ICICI Bank was headed by K V Kamath at that time, Dhoot said, claiming that he did not know if Chanda Kochhar was associated with the bank then.

Shares of India's ICICI Bank Ltd plunged almost 5 percent to a five-month low on Monday after the country's federal police launched a preliminary investigation to assess whether there was any wrongdoing in the bank's lending practices.

On Monday, the bank had also informed the stock exchanges that it's board met to review cases pending before the National Company Law Tribunal under Insolvency and Bankruptcy Code.

The agency has collected relevant documents related to the said loan given to Videocon Group.

Mkhitaryan Reveals The Difference Between Arsenal Now And Manchester United Last Season
Everyone knows that the Berezutski brothers are more than 35-years-old, very experienced and can help them be compact in defence. Despite the absence of the cup-tied Pierre-Emerick Aubameyang, Arsenal still have plenty of firepower at their disposal.

Dana White Will Never Book Ferguson vs Khabib Again
Ferguson is out of the equation and loses his interim lightweight belt, a crushing blow for a man riding a 10-fight win streak. The UFC has tried to pair Ferguson and Nurmagomedov on four occasions, all of which have fallen through for various reasons.

Jose Mourinho tips Romelu Lukaku to keep improving
Manchester United's Romelu Lukaku (right) celebrates his 100th English Premier League goal against Swansea on Saturday. Swansea finished the match in 15th place, only three points above the relegation zone with seven matches to play.

He said the diversified Videocon Group, which owes almost Rs 40,000 crore which have slipped into an NPA, is also facing similar testing times, and hinted that it has asked banks for a "push" in the form of fresh loans, after which it can come out of the crisis in two-three months. It is not, therefore, surprising that ICICI Bank has stepped up in defence of Chanda Kochhar.

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. Dhoot also denied any dealings with Deepak Kochhar beyond investing Rs 2.5 lakh in the latter's renewable energy business.

As of March 2017, Registrar of Companies records say that Deepak Kochhar held an about 43.4% in NPRL both as direct holding and through Supreme Energy and Pinnacle Energy.

NuPower Renewables is an independent power producer in the renewable energy sector and has almost 700 MW of renewable energy assets operating and in pipeline located across Tamilnadu, Karnataka, Rajasthan, Maharashtra, Andhra Pradesh & Madhya Pradesh. "ICICI never gave it loan, but company was benefited", Gupta told ANI. It also reduced its holding in Cemex Sa (NYSE:CX) by 1.46 million shares in the quarter, leaving it with 3.99 million shares, and cut its stake in Ally Financial Inc (NYSE:ALLY). Nearly 86 per cent of the Rs 3,250 crore loan (Rs 2,810 crore) remains unpaid. The stock tumbled 5.93 per cent to end at Rs 261.90 on the BSE.

In addition, last week the Reserve Bank of India slapped ICICI with a fine of 589 million rupees, or $9.1 million, for violating regulations related to the sale of certain government securities. Approximately 5,108,606 shares were traded during trading, a decline of 36% from the average daily volume of 7,936,838 shares.

Related news