She pocketed Rs 9.12 crore as remuneration in FY16
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
Sharma would be 60 in November 2018, and would have completed 10 years as Axis Bank's CEO the following year in June.
The regulator will now call Chanda and ICICI Bank's representatives for a personal hearing as part of adjudication proceedings launched against them.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
After outperforming the broader market and their public sector peers for the better part of the post-Lehman period, private sector banks - such as HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank - are now underperforming. Last week, the Nifty Private Bank index was up just 6 per cent year-to-date in the calendar year 2021, against nearly 13 per cent rally in the Bank Nifty and a 15 per cent rise in the benchmark Nifty50. Public sector (PSU) banks, such as State bank of India, Bank of Baroda, and Punjab National Bank, are now rally leaders and outperforming the broader market. The Nifty PSU Bank index was up 42 per cent since the beginning of this calendar year. But on a longer term, the Nifty Private Bank index is up 101 per cent since March 2016, against a 118 per cent rally in the Bank Nifty and just 2 per cent rise in the Nifty PSU Bank index in the period.
The central bank filed an affidavit in response to a petition filed by Kochhar last month, challenging her ouster as the chief executive and managing director of ICICI Bank months after she voluntarily left the private sector lender. The bank, while terminating her employment, also denied her remuneration and rescinded the bonuses and stock options given to her from April 2009 to March 2018. She was accused of playing a role in grant of out-of-turn loans of Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.
The Bombay high court on Friday heard prosecution and defence arguments on the applications of former ICICI Bank CEO and MD Chanda Kochhar and her businessman-husband Deepak Kochhar, challenging their arrest by the Central Bureau of Investigation (CBI) in an alleged loan fraud case, and reserved its verdict which will be delivered on Monday. The Kochhars, along with Videocon group founder Venugopal Dhoot, were arrested by the CBI late last month for their alleged roles in the case and the trio is currently in jail under judicial custody. The Kochhar couple has termed their arrest as "illegal" on the ground that no sanction was obtained prior to the CBI action as required under provisions of the Prevention of Corruption Act (PCA).
Mutual funds (MFs) managed a record Rs 66.2 trillion in assets during the July-September quarter, marking a 12.3 per cent increase over the previous three-month period - the highest quarterly jump in MF assets in at least five years. During the April-June period, the average assets under management (AUM) stood at Rs 59 trillion. The sharp rise in AUM, according to experts, is driven by a robust equity market rally and record inflows into equity schemes.
Videocon group promoter Venugopal Dhoot on Friday appeared before a court in Mumbai in the alleged ICICI Bank-Videocon money laundering case, and was granted bail.
The ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
His global experience, deep business acumen and long association with the Tata Group will prove invaluable in his new role: ICICI Bank MD and CEO Chanda Kochhar.
The bank's board has already established a search and selection committee comprising three members from the existing nomination and remuneration committee along with two external experts to identify Kapoor's successor.
Largecap, flexicap, and balanced advantage funds together recorded a net inflow of Rs 9,363 crore in August, representing a 70% increase from the previous month's total.
A day after the Reserve Bank of India (RBI) lifted its ban on HDFC Bank on issuing new credit cards, the country's largest private sector lender on Wednesday said it had resources and plans in place to "further reinforce pole position in the credit card segment" and that it would "come back with a bang". "We will aggressively go to the market, with not just our existing suite of credit cards but also new offerings in the form of co-brands and partnerships," Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, said in a letter to his employees. The bank's management had earlier indicated that the lender had been sourcing liability customers aggressively over the past few months.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
Move comes after the country's monetary authority tightened credit norms
Chanda Kochhar has been named as the most powerful woman in business in India for the second consecutive year by Fortune Magazine.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Arundhati Bhattacharya, the chairperson of country's largest bank SBI, has been named as the most-powerful woman in business in India by Fortune magazine.
Until June 2018, the ICICI Bank board had given a clean chit to Kochhar with full backing and had said there was no question of favouritism, nepotism or conflict of interest on her part in granting loans to Videocon Industries or any other company. However, the stance changed soon after the regulatory and probe agencies initiated enquiry in the matter.
The country's largest private sector lender ICICI Bank on Tuesday said that it expects the Reserve Bank to continue with calibrated approach to check inflation at its upcoming September 16 monetary policy review.
ICICI group's private equity business head Renuka Ramnath is believed to have put in her papers on Monday.
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
The early bird results for the January-March 2022 quarter (Q4FY22) hint at a slowdown in corporate sector growth in the upcoming quarters. The combined net sales of the 81 early bird companies in the Business Standard sample were up 15.1 per cent year-on-year in Q4FY22; this was less than the 15.9 per cent YoY jump reported in Q3FY22. The slowdown could be much stronger for the domestic market-focused companies, including those in the banking, finance, and insurance (BFSI) space.
India's second-largest passenger vehicles firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960.
Chanda Kochhar, Managing Director and Chief Executive Officer of ICICI Bank talks about the education system in India and offers advise on how parents can help in the decision making process of a child's career.
The Air Force Wives Welfare Association and the ICICI Bank on Thursday joined hands to launch a dedicated placement website which would provide a platform to the members to accomplish their career ambitions.
ICICI Bank chief Chanda Kochhar believes, India can grow if decisions on investment policy are taken quickly.
ICICI Bank chief executive officer and MD K V Kamath on Tuesday said that there is no need to alter interest rates since the demand for credit is not high.
Six Indian women have made it to Asia's most powerful women list released by Forbes.
Post graduate colleges are aggressively tying up with banks to introduce banking courses.
SBI Life, ICICI Pru have seen their valuations increase by 33 per cent and 35 per cent recently. SBI Life Insurance has seen its valuation soar after just 3 months while ICICI Prudential's valuation has increased in just 5 months.
It is alleged that during the tenure of Chanda Kochhar, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies, in which in two cases she herself was on the sanctioning committees.
V Vaidyanathan joins a growing list of top executives getting a sumptuous sign-on bonus
In the first of a two-part series, Tamal Bandyopadhyay explains why the ICICI Bank's board first rushed to deny all allegations against Kochhar and then took the extreme steps against her.
Among the Sensex firms, Bajaj Finance emerged as the biggest gainer by climbing 2.95 per cent. Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, State Bank of India, Larsen & Toubro, HDFC, HDFC Bank, Maruti, Reliance Industries and Bharti Airtel were the other major winners. HCL Technologies, Axis Bank, ICICI Bank, Tech Mahindra and Titan were among the laggards.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
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