Capital markets regulator Securities and Exchange
Board of India (SEBI) may soon summon ICICI Bank's on-leave
CEO Chanda Kochhar and her husband with regard to a probe into alleged
regulatory lapses with regard to his business dealings.
Besides, some other top officials of the bank, as also
from Videocon, which allegedly benefitted due to its association with
Kochhar's husband, are also likely to be called for their personal hearings
regarding charges against them that may lead to the bank and its embattled chief
being slapped with several crores of rupees in fines and other penal actions
including ban from markets and directorships. The regulator may soon issue summons for personal hearings of
Kochhars and others over the next few weeks, they said. Among other agencies, the CBI is also probing the case.
According to top officials, the multi-agency probe into ICICI
Bank and business dealings of the Kochhar family will also be discussed by
Sebi's board next week as it has been felt that coordinated efforts are
required to be taken by Sebi, RBI and the government in this case due to its
systemic importance.
Among others, this case is already being looked into by the
RBI and the Corporate Affairs Ministry.
Sebi had earlier issued show cause notices to ICICI Bank,
Kochhar and others after its preliminary examination favoured initiating
adjudication proceedings against them for alleged violation of listing
disclosure norms regarding 'conflict of interest' in business dealings of her
husband with Videocon Group.
Capital markets regulator Securities and Exchange
Board of India (SEBI) may soon summon ICICI Bank's on-leave
CEO Chanda Kochhar and her husband with regard to a probe into alleged
regulatory lapses with regard to his business dealings.
Besides, some other top officials of the bank, as also
from Videocon, which allegedly benefitted due to its association with
Kochhar's husband, are also likely to be called for their personal hearings
regarding charges against them that may lead to the bank and its embattled chief
being slapped with several crores of rupees in fines and other penal actions
including ban from markets and directorships.
According to top officials, the multi-agency probe into ICICI
Bank and business dealings of the Kochhar family will also be discussed by
Sebi's board next week as it has been felt that coordinated efforts are
required to be taken by Sebi, RBI and the government in this case due to its
systemic importance.
Among others, this case is already being looked into by the
RBI and the Corporate Affairs Ministry.
Sebi had earlier issued show cause notices to ICICI Bank,
Kochhar and others after its preliminary examination favoured initiating
adjudication proceedings against them for alleged violation of listing
disclosure norms regarding 'conflict of interest' in business dealings of her
husband with Videocon Group.
The regulator may soon issue summons for personal hearings of
Kochhars and others over the next few weeks, they said.
Among other agencies, the CBI is also probing the case.