ICICI Bank (IBN) Position Raised by Envestnet Asset Management Inc


It is now the turn of the Central Bureau of Investigation (CBI) to begin questioning of not just ICICI Bank officials but also the Kochhars - Chanda and her husband, Deepak.

Reports have claimed that Dhoot had transferred ownership of the company to Deepak Kochchar six months after ICICI Bank granted the Videocon Group a Rs 3,250-crore loan, and that almost 86% of this loan - Rs 2,810 crore - is still unpaid.

The Serious Fraud Investigation Office in Mumbai has asked the New Delhi headquarters if it can investigate the Rs 3,250-crore loan that ICICI Bank sanctioned to the Videocon Group in 2012, The Indian Express reported on Tuesday. At 11:12 AM, Shares of ICICI Bank were trading as low as 6.36% Rs 260 on National Stock Exchange. The loan was a part of a consortium where a clutch of banks had lent Rs 40,000 crore including non-fund based facilities.

The CBI is reportedly looking at relevant documents of the transactions for any evidence of wrongdoing.

Last week, ICICI described as "malicious and unfounded" rumours circulating online alluding to conflicts of interest in ICICI's lending to Videocon and alleging that Kochhar favoured the conglomerate.

"We wish to state that Avista Advisory was only involved in restructuring of FCCBs of Jaiprakash Associates Ltd and Jaiprakash Power Ventures Ltd but it was never involved in any loan syndication for any Jaypee Group company".

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When NuPower Renewables started, Dhoot said he had invested around Rs 2.5 lakh in the company but immediately sold the entire investment.

Deepak Kochhar along with Venugopal Dhoot, Chairman of the Videocon Group, set up NuPower Renewables Pvt Ltd (NRPL) in December 2008. "This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables", he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company. Pinnacle Energy was a trust formed by Kochhar family. Dhoot had 50% share in NRPL where as the other 50% shares were owned by Kochhar, and Pacific Capital, a company owned by his father and Chanda Kochhar's brother's wife.

Question 2: What was the actual nature of the loan that ICICI gave to Videocon? The board said that it followed a credit policy and remained confident that its Chairman and Managing Director did not have any role in sanctioning the loans. An I-T source said, Kochhar had allegedly received huge funds, running into hundreds of crores, from overseas entities and the department is investigating the trail of finances and people behind these "investments".

The Videocon group account was declared an NPA by the bank in 2017.

On BSE, the stock fell 7% to Rs 258.90 while it slumped 7% to Rs 258.80 on NSE. UnitedHealth Group had 81 analyst reports since September 2, 2015 according to SRatingsIntel. This is the first time the bank's board met after the controversy over alleged conflict of interest involving its CEO Chanda Kochhar and Videocon group broke out.