ICICI Bank may face probe over non-disclosures in NuPower deal
Posted on 23rd April 2018 |
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Probe agencies are examining if ICICI Bank should have declared three companies — Pacific Capital Services; Supreme Energy Private Ltd (SEPL) and Pinnacle Energy — as related parties. These companies were involved in transfers of shareholdings in NuPower Renewables Private Limited (NRPL), a company owned by Deepak Kochhar, husband of Chanda Kochhar, the bank’s CEO. |
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Mutual funds load up on ICICI Bank shares in March after Chanda Kochhar concerns drag stock price
Posted on 16th April 2018 |
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Domestic mutual fund houses loaded up on ICICI Bank shares buying 42 million shares in March, after concerns regarding impropriety involving CEO Chanda Kochhar in Videocon loan dragged the shares sharply last month. Notably, the shares had closed at Rs 313.28 on February 28th. At the end of March, the shares had fallen to Rs 278 as on March 28th (the last trading day in March), implying a near 12% fall. |
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Videocon loan row: LIC, govt nominee seek meeting with ICICI Bank brass
Posted on 10th April 2018 |
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The Life Insurance Corporation of India (LIC), which holds about a 9.4 per cent stake in ICICI Bank, and the government’s new nominee on the private lender’s board have called a meeting of the bank’s top management this week. This comes against the backdrop of the recent developments in the ICICI Bank-Videocon case and declining investor confidence. |
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ICICI Bank board is said to be divided over CEO Chanda Kochhar’s future
Posted on 9th April 2018 |
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Mumbai: The board of ICICI Bank Ltd, which less than two weeks earlier expressed full faith in chief executive officer Chanda Kochhar, is divided over whether to ask her to step down as federal authorities investigate allegations of impropriety over loans made to Videocon group, people with knowledge of the matter said. At least some outside directors are opposed to Kochhar continuing in her role, according to the people, who asked not to be identified as the information is not public. |
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ICICI Bank first to get Swift’s new cross-border payment service
Posted on 6th April 2018 |
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Global financial messaging cooperative Swift today said Icici Bank has become its first Indian client to go live with an improved cross-border payments service. The announcement of the service, which Swift claimed as being more transparent, comes weeks after the discovery of one of the largest banking frauds to be detected in Indian history, the Rs 12,900-crore Nirav Modi scam at the Punjab National Bank (PNB). |
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ICICI Bank faces risk of class action suit in US: Broking entity Jefferies
Posted on 5th April 2018 |
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ICICI Bank and its management run the risk of a class action suit in the United States of America (USA) if charges of wrongdoing in giving loans are established, according to US broking entity Jefferies. Indian investigative agencies are probing alleged links between the bank's chief executive officer, Chanda Kochhar, and the Videocon group. |
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Chanda Kochhar pulls out of FICCI event as Videocon loan probe intensifies
Posted on 4th April 2018 |
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Mumbai: Chanda Kochhar, managing director and chief executive of ICICI Bank Ltd, has pulled out of the annual session of the FICCI Ladies Organisation (FLO), scheduled for 5 April. Kochhar was to be the guest of honour at the session, where she was to be felicitated by President Ram Nath Kovind. |
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ICICI Bank stock posts biggest single-day drop in nearly three years
Posted on 18th March 2018 |
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The ICICI Bank stock posted its biggest single-day drop in nearly three years amid the ongoing investigations into its lending practices. Shares of the country’s third-largest lender closed at Rs 261.9, down Rs 16.5, or 5.93 per cent on the BSE, the most since August 24, 2015. The market valuation eroded by Rs 104.52 billion to Rs 1.68 trillion on the BSE. |
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ICICI Bank falls 5% as ED initiates enquiry in ICICI-Videocon loan
Posted on 2nd April 2018 |
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ICICI Bank hit five-month low, down nearly 5% on the BSE after the media reports suggested that the Enforcement Directorate (ED) has started an enquiry into the Rs 32.50-billion loan sanctioned to the Videocon group and others by ICICI Bank, which was part of a consortium of lenders. The stock of private sector lender was down 4.6% to Rs 265.40 on the BSE in early morning trade, its lowest level since October 24, 2017. On comparison, the S&P BSE Sensex was trading 0.13% higher at 33,011 points at 09:38 am. |
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ICICI Bank chairman MK Sharma reiterates stand on Videocon issue
Posted on 30th March 2018 |
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ICICI Bank chairman MK Sharma on Thursday read out a statement largely reiterating the line taken by the bank’s board on Wednesday, adding that managing director and chief executive officer Chanda Kochhar had made all necessary disclosures while sitting on the credit committee that sanctioned loans to the Videocon group in 2012. |
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