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. There are charges of corruption and a possible nexus between Videocon group chairman Venugopal Dhoot and Chanda Kochhar’s husband, Deepak Kochhar. ICICI has said these are “malicious and unfounded” and denied any favouring by Kochhar of the conglomerate. Nilanjan Karfa and Harshit Toshniwal, equity analysts with Jefferies, say in a research note that emerging risks for the bank could be a formal corruption charge, a possible class action suit and a costly settlement. American Depository Receipts (ADRs) are about 24 per cent of all shares at ICICI, says the note. A class action suit is legal action brought by one or more persons on behalf of themselves and a much larger group, all with the grounds for action. In a statement last week, the bank’s board of directors said there was “no question of any quid pro quo/ nepotism/conflict of interest” in lending decisions. No single executive had the ability to influence credit decisions. The board and its chairman had expressed confidence in the chief executive. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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