Videocon loan case: IT dept issues notice to Deepak Kochhar

Friday, 06 April, 2018

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.

More news: Spotify sets its reference price at $132 a share

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.

Recommended

Saudi-coalition airstrike kills civilians in Yemen
Humanitarian groups accuse the Saudi-led coalition of indiscriminate bombing of non-military targets and critical infrastructure. The council statement did not name who is violating the arms embargo against the Houthis.

Thanos Demands You Keep Avengers: Infinity War's Secrets
So, just keep this message in mind and allow everyone to experience Avengers: Infinity War without being spoiled beforehand. But that's fair, considering it's common courtesy to not spoil the movie for anyone.

Clifford loses court bid on President Trump sex claims
Private arbitration seems like a good thing for Trump since it would keep quiet any sensitive information that could come up during a trial.

China's space lab set for re-entry
Below are some questions and answers about the station, its re-entry and the past and future of China's ambitious space program. For the most recent updates on when Tiangong-1 is expected to crash into Earth, check the European Space Agency's website .

Huawei reports strong sales push 2017 profit up 28.1 pc
Huawei set up a Cloud Business Unit in 2017, which launched 99 cloud services across 14 major categories, and over 50 solutions. A partnership between Huawei and American operator AT&T to sell smartphones in the USA fell apart in January.

New Zealand hang on for series victory
Henry Nicholls couldn't add more than 13 to the total as the home side was left reeling at 91/4 in the first hour of the day. Ish Sodhi, who had batted exactly 200 minutes and faced 168 balls, was 56 not out at the close of play.

Nokia 6 (2018), Nokia 7 Plus, Nokia 8 Sirocco land in India
Under the hood is the MediaTek MT6737M quad-core clocked at 1.1GHz and comes coupled with 1GB of RAM and 8GB of internal storage . Nokia phones are already available at over 100,000 retail stores across the country, and HMD is building on that this year.

Congresswoman Elizabeth Esty won't seek re-election after handling of abuse case
House Democratic Leader Nancy Pelosi commended Esty's former employee Anna Kain for coming forward and telling her story. A week after learning of the allegations against Baker in May 2016, Esty launched an internal review.

Yankees' home opener against Rays postponed because of snow
Toronto starter Marcus Stroman was on a pitch count after being hampered by a right shoulder injury at spring training. Danny Barnes, John Axford, Tyler Clippard (1-0) and Oh each worked an inning of scoreless relief for the Blue Jays.

Woman arrested after allegedly shooting at Mid City home, police say
The officers hastened to the location and soon spotted the pipe-yielding man but as they approached him the man began to run away. Steele was charged with internet luring of a child, sexual exploitation of a child and attempted sexual assault of a child.

NCAA Latest: Loyola-Chicago ends long shooting drought
He led all scorers with 24 points on 10 of 16 shooting and also added 15 rebounds to give MI a crucial advantage on the boards. Sophomore point guard Zavier Simpson missed two three-pointers, had a turnover and a foul on his way to the bench early.

Viacom Inc (NASDAQ:VIA) 2017 Q4 Sentiment Report
The current share price indicate that stock is -12.22% away from its one year high and is moving 79.62% ahead of its 52-week low. To measure price-variation, we found IP's volatility during a week at 3.02% and during a month it has been found around 2.48%.

An Internet Challenge Has Teenagers Snorting Condoms
Most of the 152 incidents involving condoms - 107 cases, to be exact - were related to ingestion, according to the statistics. Once you've watched someone inhale a condom through their nostril and pull it out of their mouth, it's a hard thing to unsee.

You Can Now Broadcast Messages Across Amazon Echos with Alexa
If either one of these two tablets is plugged in, the screen doesn't have to be on for you to ask Alexa to do something for you. The usual Alexa skills like playing music, answering queries, controlling smart home devices, and ordering an Uber all apply.

Notre Dame beats UConn in OT on last-second shot
No team has come closer than a dozen points against the Huskies since Louisville made it an 11-point loss on February 12. Napeesha Collier had a team-high 24 points but the Huskies fell in overtime to Notre Dame at the Final Four in Columbus.