[ad_1]
The Security and Exchange Council of India (SEBI) asked Chanda Kochhar, Chief Executive Officer of ICICI Bank, to respond to a notice of violation of the presumption of violation of standards Disclosure by July 10, Business Standard.
Kochhar and the bank had missed the deadline of June 7 and asked for more time to respond to the notice because of lack of documentary evidence to support the allegations.
"The notice did not contain adequate documentation to support the allegations. Before filing an appropriate response, recipients must consider evidence of alleged violation of securities laws, "said a source citing a source.
Moneycontrol could not verify the report independently.
wrote to the regulatory authority, asking him to share the documents on the basis of which the notice was served.
SEBI sent a 12-page notice to ICICI Bank and Kochhar on May 23 regarding the disclosures made by Videocon Group
The regulator in its notice alleged violations of the code of conduct because Kochhar would not not disclosed the conflict of interest arising from alleged commercial transactions between ICICI Bank, Videocon and NuPower Renewables, the latter being conducted by her husband Deepak
According to the report, SEBI mentioned in the 12-page notice that Kochhar admitted that her husband had a lot of relationships with Videocon Group over the years.
On April 17, the regulator opened a preliminary inquiry to determine whether the board of directors of the bank was aware of the conflict of interest and that it was also to comply with all safety standards. the position of the independent directors when the board approved the loan. In addition, the regulator asked for an explanation on the breaches in the disclosures of Deepak Kochhar's transactions.
According to the auction rules, the market regulator may place an ex parte order against the entity if the aggrieved party has not responded to SEBI at the stipulated time.
[ad_2]
Source link
