The brand new bankruptcy process is being brazenly gamed by those with connections and money. The touts and fixers of the previous regime have been replaced by a new set close to this one, observes Debashis Basu.
The CBI later clarified that Rajiv Kochhar was only called for questioning and has not been apprehended yet.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
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.
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.
Kochhar has been issued a showcause notice by the regulator for alleged violation of the code of conduct.
In February, Indian companies had invested $1.66 billion overseas.
The government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore development finance institution NaBFID to catalyse investment in the funds-starved infrastructure sector. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
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.
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.
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
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.
How Chanda Kochhar and her husband Deepak Kochhar find themselves in a huge controversy.
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.
Sandeep Bakhshi named chief operating officer, who would be handling all the businesses.
Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.
The reason is the resilience rural markets now have to a deficient rainfall.
The Central Bureau of Investigation (CBI) is looking into the funding and transactions of Datacom Services (now Videocon Mobile), which was among the firms awarded a 2G telecom licence in January 2008.
The Bombay high court on Thursday dismissed a petition filed by Chanda Kochhar against her termination as the managing director and chief executive officer of ICICI Bank A division bench of Justices N M Jamdar and M S Karnik accepted the bank's contention that Kochhar's petition was not maintainable as the dispute was contractual and concerns a private body.
The duo closes in on the stake put on the block by Videocon, US' Anadarko.
Videocon's Venugopal Dhoot has become the most successful maverick in oil and gas business in India.
The CAG report, tabled in Parliament, states the interest on the short payment stood at Rs 1,052.13 crore for the period up to March 2016.
The DTH industry had been growing at an explosive rate, with 100 per cent increase in customer base and a steady income from customers.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
Touching moments from a funeral.
A no-holds-barred boardroom battle has broken out between Mahendra Nahata and the Dhoots of Videocon, 36:64 partners in Datacom Solutions, a company which wants to launch mobile telephone services all over the country in a month-and-a-half.
Videocon plans to raise prices by 5-10 per cent across all product categories. LG India said it may raise prices of its range of washing machines and refrigerators. Godrej plans to raise prices of its washing machine, refrigerator, air-conditioner and microwave range. Haier India is likely to hike prices of washing machines and televisions.
If the apex court decides on a 15-year repayment tenure, it would pose a grave challenge for the debt ridden VIL.
Ranjan was nominated to the board of ICICI Bank on April 7
BSNL, Tata Teleservices and Reliance Communications, who also provide GSM technology-based services, are not part of the report.
The average revenue per user (ARPU) of the country's four new GSM operators who got licences in 2008 - Uninor, S-Tel, Videocon and Etisalat DB - was between Rs 8.50 and Rs 39 in the January-March quarter.
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.
A story on how the Korean consumer durable majors LG and Samsung knocked out rivals in the fight for market share and brand recall.
This was the companies' highest loss in two years.
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