ICICI Bank makes disclosures on Chanda Kochhar in US SEC filing
Posted on 2nd August 2018 |
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Mumbai/Delhi: ICICI Bank Ltd is yet to reply to a notice by the Securities and Exchange Board of India (Sebi) seeking clarifications on the disclosure of price-sensitive information, the bank said in a filing made to the US Securities and Exchange Commission (SEC) on Monday. The markets regulator is investigating whether ICICI Bank and its chief executive officer, Chanda Kochhar |
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ICICI Bank posts first-ever quarterly loss of Rs 1.2 billion on bad loans
Posted on 28th July 2018 |
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Private sector lender ICICI Bank reported its first-ever loss amounting to Rs 1.2 billion for the June 2018 quarter (Q1) on Friday as provisions for bad loans doubled. The bank had made a net profit of Rs 20.49 billion in the same period last year. The loss would have been higher if it weren’t for the Rs 11.1 billion profit on the sale of its 2 per cent stake in the life insurance arm, ICICI Prudential Life Insurance. |
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US SEC seeks details from ICICI Bank on its accounting and corporate governance practices
Posted on 27th July 2018 |
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The U.S. Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd. on its accounting and corporate governance practices, people familiar with the matter said.The SEC’s queries center on ICICI’s dealings with certain borrowers under Chief Executive Officer Chanda Kochhar and whether there had been is representations in the bank’s accounting, the people said, asking not to be identified. |
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Sensex at all-time high, goes beyond 36,800 mark, Nifty touches 11,134.95
Posted on 24th July 2018 |
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The domestic equity markets started Tuesday's trade on a strong note with the BSE Sensex going beyond the 36,800 mark for the first time ever, Nifty50 touched 11, 134.95 mark. In just few minutes, Sensex was at 36,816.53 level, with a gain of 97.93 pointswhile Nifty was at 11,115.50, up 30.75 points. |
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ICICI Bank postpones AGM by a month
Posted on 17th July 2018 |
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Private-sector lender ICICI Bank on Monday postponed its annual general meeting (AGM) by over a month to September 12. The AGM was earlier scheduled for August 10. “We wish to draw reference to our letter dated 13th July 2018, indicating the revised Annual General Meeting(AGM) date of 12th September 2018 and the revised dates of book closure between 28th August 2018 and 12th September 2018 (both days inclusive),” the lender said in a regulatory filing, adding, |
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ICICI Bank postpones annual general meeting by a month to September 12
Posted on 16th July 2018 |
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Private lender ICICI Bank has postponed its annual general meeting (AGM) by a month to September 12, amidst allegations of wrongdoing against its managing director and chief executive Chanda Kochhar. The AGM was to be held on August 10 earlier. “We wish to update that the change in AGM date and the consequent changes in record dates was necessitated due to the sequencing of general meeting dates within the listed entities of ICICI Group," said the bank in a filing to the exchanges. |
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Corporate governance lessons from IDBI-LIC deal and ICICI Bank
Posted on 9th July 2018 |
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Two recent events in the financial sector offer many corporate governance lessons. In one case, the government and its agencies were involved and left behind questionable precedents. In another private sector institution, a former government employee is involved though the manner of his involvement raises questions. These events are juxtaposed with larger societal questions related to saving institutions and jobs and ensuring financial stability. |
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ICICI Bank crosses Rs 1.5 trn in home loans, aims for Rs 2 trn by FY20
Posted on 5th July 2018 |
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ICICI Bank on Wednesday said its mortgage loan portfolio crossed Rs 1.5 trillion, a first among private sector banks in the country. It is now aiming to grow its home loan book to Rs 2 trillion by 2019-20. In line with the bank’s renewed focus on the retail segment, it has become the largest mortgage lender among private sector banks. |
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ICICI Bank used term loans, LCs to help loan defaulters
Posted on 28th June 2018 |
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Mumbai: ICICI Bank Ltd issued hundreds of letters of credit (LCs) to entities related to its troubled corporate borrowers to help them avoid loan default, a whistleblower complaint said, pre-empting the need to set aside money for non-performing assets (NPAs). Banks often extend loans to debt-laden companies to help them repay previous loans, a practice known as evergreening. This buys time to run down bad loans slowly so the companies can earn their way out of trouble. |
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ICICI Bank gets fresh whistleblower complaint on 31 loan accounts
Posted on 23rd June 2018 |
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India’s largest private sector lender ICICI Bank said another whistle-blower had accused it of having lax controls over operations. This is the third instance of such complaint. In the first two complaints, the bank’s Managing Director and Chief Executive Officer Chanda Kochhar is facing an inquiry by the board and is on leave till investigations are over. The latest complaint relates to the incorrect asset classification of 31 loan accounts, and alleges that interest income and recoveries from non-performing assets (NPA) have been accounted as fees. |
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