Questions Yet To Be Fully Answered By ICICI Bank

Gold Silver Reports (GSR) – Questions Yet To Be Fully Answered By ICICI Bank — Towards the end of his brief statement, which mirrored the ICICI Bank board’s press statement issued yesterday, ICICI Bank Chairman MK Sharma listed a few questions received by bank from various media and offered some responses.

ICICI Bank Defends Chanda Kochhar In StatementShouldn’t Chanda Kochhar have recused herself from the committee that approved the Rs 3,250 crore loan to the Videocon group, given that her spouse had business dealings with the Group?                    

Sharma said that the board did not see any conflict of interest as the Videocon Group was not an investor in Nupower. The loan was part of a consortium agreement and hence the board did not see any reason for Kochhar to recuse herself.

But Sharma did not acknowledge that as per an Indian Express report and a whistleblower blog written in 2016, Videocon Group-promoter Venugopal Dhoot was an investor in Nupower.

Did Chanda Kochhar disclose her spouse’s business relationship with the Videocon Group at the time ICICI Bank approved the loan to it?                 

All Sharma said was that Kochhar has been making all her disclosures in accordance with regulatory guidelines.

He did not mention whether this specific disclosure had been made.

Has banking regulator Reserve Bank of India sought details regarding the ICICI Bank’s and Deepak Kochhar’s transactions with Videocon Group?                            

Sharma said the bank had “satisfactorily replied to all regulatory questions”. That such communication was part of regular activity and also privileged information. He said the bank will not share any specific details regarding communication with regulators.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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