Afternoon D & C Dedicated To Mumbai
Home > Business & Investment > Sebi may summon Kochhars soon; board to discuss coordinated efforts with govt, RBI

Sebi may summon Kochhars soon; board to discuss coordinated efforts with govt, RBI

Monday, September 10, 2018

Capital markets regulator Sebi may soon summon ICICI Bank's on-leave CEO Chanda Kochhar and her husband with regard to a probe into alleged regulatory lapses with regard to his business dealings, officials said yesterday.

Besides, some other top officials of the bank, as also from Videocon, which allegedly benefitted due to its association with Kochhar's husband, are also likely to be called for their personal hearings regarding charges against them that may lead to the bank and its embattled chief being slapped with several crores of rupees in fines and other penal actions including ban from markets and directorships.

According to top officials, the multi-agency probe into ICICI Bank and business dealings of the Kochhar family will also be discussed by Sebi's board next week as it has been felt that coordinated efforts are required to be taken by Sebi, RBI and the government in this case due to its systemic importance.

The bank and Kochhar have been maintaining there has been no regulatory violation on their part and that she was not aware of specific business dealings of her husband. The board of Sebi has got representatives from the finance and corporate affairs ministries as well as the Reserve Bank, besides its own whole time members and independent members.

Among others, this case is already being looked into by the RBI and the Corporate Affairs Ministry. The Securities and Exchange Board of India (Sebi) had earlier issued show cause notices to ICICI Bank, Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with Videocon Group.
Kochhar is believed to have maintained that she had no information about her husband's business dealings, while the bank has also given similar replies.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
Minor’s body not found, five others rescued
He said he might even get a transfer ...
Injured victims give chase till Linking Road in ...
Heart To Heart
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You will find work to be very stressful today. However, it will not prevent you from taking shots at your opponents. You are thoughtful, but can be cunning too. People would have gauged it by now. Ganesha advises you to go ahead nevertheless.
- Advertising -
Cardio-vascular disease is the world's number one
Dr Shernaz Avari highlights the virtues of this d
While leftover food does not always have to be th
Read More