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06 April 2018, 03:23 | Cedric Leonard
ICICI row stains corporate governance
ICICI Bank pointed out that the board meeting is routine in nature.
ICICI Bank said its board would meet to review insolvency cases before the NCLT. The bank has clarified on news item which appeared in the Business Standard newspaper on April 2, 2018, captioned "ED initiates enquiry into ICICI- Videoconloan case".
Last week, the ICICI Bank board came out in support of Chanda Kochhar, saying it has full faith and confidence in her and described reports against her over the credit disbursement to Videocon group as "malicious and unfounded rumours".
The agency has collected relevant documents related to the said loan given to Videocon Group.
With regard to loans to the Videocon group, the board had said the banks current exposure is part of a syndicated consortium arrangement.
Dalal Street buzz says Reserve Bank of India which took flak for not taking stern action to prevent Punjab National Bank's Rs 14,000 crore letters of undertaking fraud, has asked Axis Bank board of directors to review its decision to grant a fourth straight term to Shikha Sharma, CEO of the bank.
Dhoot has said that his investment in Supreme Energy, the company alleged to have invested in Deepak Kochhar's promoted NPRL, was only in thousands of rupees and temporary. First, there was the allegation about the bank sanctioning Rs 3,250 crore of loans to Videocon Group because its chairman Venugopal Dhoot supposedly had dealings with NuPower Renewables Ltd, founded by ICICI Bank's MD and CEO Chanda Kochhar's husband Deepak Kochhar.
It is alleged that Dhoot gave Rs.64 crore in 2010, through a fully owned entity to NuPower Renewables Pvt.
Punglia transferred his holding in Supreme Energy to Pinnacle Energy, where Deepak Kochhar was the managing trustee.
According to the whistleblower's letter, ICICI Bank extended loans to the tune of Rs 3,250 to various private companies belonging to Videocon Industries. The ICICI received another jolt after the RBI last week imposed a penalty of Rs 58.9 crore on it for violating the central bank's guidelines governing treasury operations, one of the heaviest monetary levies by a regulator on a bank for violation of regulations in recent years. It also reduced its holding in Kirby Corp (NYSE:KEX) by 137,473 shares in the quarter, leaving it with 669,772 shares, and cut its stake in Coca Cola Co (NYSE:KO).
In the NY premarket, ICICI shares were recently sliding 7.6%.
Meanwhile, shares of ICICI Bank plunged 7 per cent on Monday, wiping out Rs 11,353 crore from its market valuation during the morning trade.
At 11:30 AM, the stock had slipped 6.20% or 17.25 points to Rs 261.10, the lowest since October.
On the volume front, 25.51 lakh shares of the company were traded on the BSE and over 7 crore shares changed hands at the NSE during the day. The firm owned 462,242 shares of the bank's stock after purchasing an additional 21,901 shares during the quarter.
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