How Chanda Kochhar and her husband Deepak Kochhar find themselves in a huge controversy.
Diversified group Videocon Industries on Wednesday said it may sell up to 26 per cent stake in the company to foreign players.
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
Videocon plans a foray into the direct to home business. The company has applied for the DTH licence and is expected to start services by next year, government sources said.
Videocon Industries is eyeing oil fields in Sudan and Yemen and is considering investing in the development and exploration of oil in India and in the Middle East.
Videocon Group Chairman Venugopal Dhoot on Thursday clarified that the group would be paying Rs 950 crore (Rs 9.5 billion) to the Maharashtra government's town and industrial infrastructure subsidiary CIDCO for a 100-hectare plot in Navi Mumbai and not Rs 300 crore (Rs 3 billion) as claimed by some people.
The ED is of the opinion that the authority stepped into the shoes of the trial court and commented on the preliminary investigation done by the CBI in the impugned order.
Chanda Kochhar, the high-profile ex-banker had on November 30 moved the Bombay high court challenging "termination" of her employment by ICICI Bank which also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar. A division Bench of justices Ranjit More and SP Tavade allowed her to implead RBI and directed the apex bank to file its reply by December 16.
Datacom Solutions, promoted by consumer electronic goods maker Videocon Industries, is close to roping in South African telecom major MTN group as a partner for its GSM foray in the country. According to sources, Datacom, which was scouting for a partner to bring in investments and technology, has short-listed MTN. Discussions with the South African company are in the final stage and a deal is expected to be signed soon.
Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.
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.
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.
Videocon starts race, says will bid in eight circles, expects 5-MHz spectrum to go for Rs 20,000 crore
Forty domestic companies, including the Videocon group, Jindal Power and Tata Power, have formed a group to convince the central government to allow private participation in generation of civilian nuclear energy.
The Tata group is looking to make a foray into semiconductor (also known as chips) manufacturing and it has set up a business to seize the opportunity, Chairman N Chandrasekaran said on Monday. "At the Tata group, we have already pivoted into a number of new businesses like electronics manufacturing, 5G network equipment as well as semiconductors, in all probability," he said while speaking at the annual general meeting of the IMC Chamber of Commerce and Industry. Chandrasekaran said global supply chains, currently heavily dependent on China, would see a big change in a post-pandemic world with businesses shifting their reliance to other countries.
At a time the industry is slashing headcount, citing the downturn, direct-to-home (DTH) television service providers are adding employees.
Interestingly, in March 2018, the same board of ICICI Bank had given a clean chit to Kochhar with full-backing and had said there was no question of favouritism, nepotism or conflicts of interest on her part in granting loans to Videocon Industries or any other company.
The committee is considering 1,300 names for this year's awards from which it is likely to select 120.
The Delhi circle licence will be available in the efficient 900 MHz spectrum, which is why Videocon is interested.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
Ranjan was nominated to the board of ICICI Bank on April 7
He was at the wedding reception of Vivek Biyani, nephew of entrepreneur Kishore Biyani.
Etisalat, which is mulling an Indian foray, has since started discussions with several telecom companies including the Videocon Group's Datacom Solutions and Essar-controlled Loop Telecom for equity. Ravi Sharma, CEO of Datacom confirmed that Etilasat was one of the companies to which the company was talking but declined to offer details. Loop Telecom declined to comment.
Three bidders, including the Essar group, vying for the government stake in the Shipping Corporation of India have inked the confidential information memorandum, even as uncertainty remained over the fate of the sole international bidder.
Official sources said Verizon's license application was under process and "there should be no problem in issuing them letters of intent for national and international long distance (NLD/ILD) business".
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.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Surajeet Das Gupta & Rajesh Kurup in New Delhi/Mumbai
Zeev Leshem, Chief Operating Officer, Fortune online lottery, says the Indian online lottery market is big enough to accommodate at least five operators.\n\n\n\n
Amid the party high command's disapproval of senior Maharashtra minister Narayan Rane's open attack on him on certain cabinet issues, Chief Minister Vilasrao Deshmukh met Congress president Sonia Gandhi on Monday.
Sajjan Jindal's model of making land-losers stakeholders in his Bengal project appears to be attracting others.
Sandeep Bakhshi named chief operating officer, who would be handling all the businesses.
Large steel producers had reduced prices up to Rs 4,000 per tonne on request of Prime Minister Manmohan Singh on May 7. They had also agreed to hold the price line for the next three months. The three-month price moratorium expires in August.
Talks have failed between the Dhoots of the Videocon group and Mahendra Nahata of Himachal Futuristic Communications Ltd to buy out the latter's 36 per cent stake in all-India mobile licence-holder Datacom Solutions.
A delegation of about 100 chief executive officers from several national and multi-national companies will be visiting Kashmir to explore the business possibilities in the region as well as some leisure time.
The FIR also said chairman of New Development Bank K V Kamath, Goldman Sachs India chairman Sonjoy Chatterjee, Standard Chartered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusrokhan need to be investigated.
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