Videocon loan case: IT dept issues notice to Deepak Kochhar

Videocon Group Chairman Venugopal Dhoot is said to have invested in NuPower Renewables and extended a ₹64-crore loan after Videocon secured a loan from a consortium of banks that included ICICI Bank.

ICICI Bank said its board would meet to review insolvency cases before the NCLT.

The CBI has registered a Preliminary Enquiry (PE) and has questioned few ICICI bank officials in the loan issue.

One of the bank's shareholders, Arvind Gupta had written a letter to the prime minister asking for investigations surrounding the sanction of loans worth Rs 3,250 crore to the Videocon by the bank.

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ICICI Bank had said last week that its exposure to Videocon Industries was ₹3,250 crore which was less than 10% of the total loans given by a consortium of 20 banks in April 2012.

Dalal Street buzz says Reserve Bank of India which took flak for not taking stern action to prevent Punjab National Bank's Rs 14,000 crore letters of undertaking fraud, has asked Axis Bank board of directors to review its decision to grant a fourth straight term to Shikha Sharma, CEO of the bank. Thomas White International Ltd who had been investing in Icici Bank Ltd Adr for a number of months, seems to be bullish on the $25.57B market cap company. The issue of conflict of interest arose with Videocon taking a loan of Rs 3,250 crore from ICICI Bank at the same time when Venugopal Dhoot had an interest in Nupower Renewables, a company where Deepak Kochhar has a stake. Dhoot also denied any dealings with Deepak Kochhar beyond investing Rs 2.5 lakh in the latter's renewable energy business. Around 33.17 per cent is held by Pinnacle Energy, whose managing trustee is Deepak. The RBI has imposed a penalty on ICICI Bank for violating regulations around selling securities from the held-to-maturity portfolio of the bank's treasury book. It also reduced its holding in Cemex Sa (NYSE:CX) by 1.46 million shares in the quarter, leaving it with 3.99 million shares, and cut its stake in Ally Financial Inc (NYSE:ALLY).

New Delhi: Shares of ICICI Bank plunged almost 6 per cent on Monday, wiping out Rs 10,452.84 crore from its market valuation amid controversy over alleged conflict of interest involving the lender and Videocon Group. "The Videocon group account has been classified as an NPA during 2017". Morgan Stanley started coverage on shares of ICICI Bank in a research note on Tuesday, January 16th. Approximately 5,108,606 shares were traded during trading, a decline of 36% from the average daily volume of 7,936,838 shares.

The stock is now trading at Rs262 down by Rs16.4 or 5.89% from its previous closing of Rs278.40 on the BSE. The institutional investor held 2.50 million shares of the commercial banks company at the end of 2017Q4, valued at $24.37 million, up from 1.82M at the end of the previous reported quarter.

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