A special court here on Thursday rejected Videocon founder Venugopal Dhoot's plea which claimed that his arrest by the Central Bureau of Investigation in the alleged loan fraud involving former ICICI Bank CEO and MD Chanda Kochhar was illegal. The CBI court also rejected applications of Chanda Kochhar and her husband Deepak Kochhar for home food, beds, mattresses and chairs. The court directed jail authorities to provide them diet food in consultation with the medical officer.
As she begins her second term as MD & CEO, Chanda Kochhar wants the bank to grow more than the industry not by taking on more risk but by building a strong base of customers and shunning the pell-mell marketing of credit card and personal loans to newcomers.
Veteran banker and former chairman of HDFC Ltd Deepak Parekh has said that ICICI Bank had made an offer to take over mortgage lender HDFC Ltd but it was declined. HDFC Ltd, the parent entity of HDFC Bank, later merged with its banking subsidiary to create the country's biggest private sector lender.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
The CBI has filed a charge sheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal Dhoot in a Rs 3,250 crore loan fraud case, officials said on Saturday. The agency has filed the charge sheet under sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code (IPC) and provisions of the Prevention of Corruption Act, among others, they said. The Central Bureau of Investigation (CBI) has named nine entities, including companies and individuals, according to the officials.
Recent measures by Indian government to push economic reforms have dispelled fears of policy paralysis, while some more steps are needed for reviving investments and ensuring that household savings go into productive sectors, top banker Chanda Kochhar said.
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.
Rajiv Kochhar, who was asked to appear at the CBI office in Mumbai, was examined about the loan and his links with Venugopal Dhoot, the promoter of the Videocon Group, and Videocon.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
The CBI on Monday arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said. The 71-year-old Dhoot was arrested from Mumbai, nearly three days after former CEO and MD of the ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI, they said.
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
ICICI Bank has quashed rumours of favouritism, nepotism and quid pro quo. The bank clarified that while Chanda Kochhar was on the credit committee, she was not the chairperson. Videocon Chairman Venugopal Dhoot said there was no impropriety in the deal.
Chanda Kochhar said a large section of youth, mainly underprivileged have little access to training that can increase their employability.
Institutional Investor Advisory Services had recommended investors to vote 'against' the proposal, while Stakeholders Empowerment Services asked investors to vote 'for' the proposal.
The regulator will now call Chanda and ICICI Bank's representatives for a personal hearing as part of adjudication proceedings launched against them.
While Chanda Kochhar got a pay of Rs 2.66 crore, Arundhati Bhattacharya took home only Rs 28.96 lakh
The lawyer of Videocon Group promoter Venugopal Dhoot on Friday argued before the Bombay high court that the industrialist's arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe. The Central Bureau of Investigation (CBI), on the other hand, claimed that he was trying to avoid probe. Dhoot, arrested by the CBI on December 26, 2022, and presently in judicial custody, has moved the high court seeking to quash the First Information Report, and has also sought interim bail.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Yet another achievement is added to PeeCee's growing list.
The Bombay high court on Tuesday directed the Central Bureau of Investigation to file by Friday its affidavit in response to a petition of Videocon Group founder Venugopal Dhoot, seeking to quash an FIR registered in a bank loan fraud case, to declare his arrest as "arbitrary and illegal" and to be released on bail. When the plea came up for hearing, advocate Kuldeep Patil asked for one-week time to seek instructions on the same. A division bench of Justices Revati Mohite Dere and P K Chavan said the agency shall file its affidavit by Friday and posted the petition for hearing the same day (January 13).
The Reserve Bank has taken some steps to shore up the domestic currency.
Six Indian women have made it to Asia's most powerful women list released by Forbes.
Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.
Chanda Kochhar has been named as the most powerful woman in business in India for the second consecutive year by Fortune Magazine.
ICICI Bank MD and CEO Chanda Kochhar has been ranked as the most powerful businesswoman in India for the third consecutive year by Fortune Magazine.
The executive suites of most major companies still remain largely boys' clubs, but things are improving.
The RBI left the policy rates unchanged in Tuesday''s sixth bi-monthly monetary policy review.
The committee is considering 1,300 names for this year's awards from which it is likely to select 120.
These are the highest-earning bank CEOs in India.
It was merely an obligation in the past, but financial inclusion has now turned into a big business opportunity for private banks.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
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.
Chanda Kochhar on fate and hard work - the cornerstones of her career in the banking world.
For one, women comprise almost half of India's population, yet less than 5 per cent women are corporate directors and less than half of that are independent directors.
India Inc on Monday welcomed the focus on reviving economic growth to nine per cent as also the indications for bold tax reforms, but expressed regret that the Minimum Alternate Tax was raised and Security Transaction Tax was let to continue.
The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on December 19, through postal ballot by February 11 and the results would be announced on February 13, the bank said in a notice to its shareholders. As per the proposals, Kamath would replace N Vaghul as the bank's non-executive chairman, after he retires on completion of his current term on April 30.
Puri earned a salary of Rs 7.39 crore in FY15, up 21.74% from last year
'When Pinnacle Trust bought the stake of Supreme Energy, it included a liability of Rs 640 million. The purchase was at a fair market value (prevailing price) of Rs 8.80 per share,' Deepak Kochhar said in a telephonic conversation with Business Standard.
Prime Minister's Office wants CBI and tax dept to identify the actual beneficiaries of the transactions made in India and abroad.
HDFC Bank managing director Aditya Puri, ICICI Bank MD and CEO Chanda Kochhar, and Axis Bank MD and CEO Shikha Sharma did not receive their bonuses in full for financial year 2016-17
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