Sebi to summon Kochhars

Capital market regulator Sebi may soon summon ICICI Bank's on-leave CEO Chanda Kochhar and her husband Deepak Kochhar in a probe into alleged regulatory lapses with regard to the latter's business dealings, officials said on Sunday.

By PTI
  • Published 10.09.18
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New Delhi: Capital market regulator Sebi may soon summon ICICI Bank's on-leave CEO Chanda Kochhar and her husband Deepak Kochhar in a probe into alleged regulatory lapses with regard to the latter's business dealings, officials said on Sunday.

Besides, some other top officials of the bank, as also from Videocon, which allegedly benefitted because of 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 the 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 co-ordinated efforts are required to be taken by Sebi, the Reserve Bank of India and the government in this case.

The bank and Kochhar have been maintaining that there has been no regulatory violation on their part and that she was not aware of the specific business dealings of her husband.

The board of Sebi has got representatives from the finance and corporate affairs ministries and the RBI, besides its own wholetime and independent members.

This case is already being looked into by the Reserve Bank and the corporate affairs ministry.

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 the business dealings of her husband with Videocon Group.