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NEW DELHI: The ministry of corporate affairs is looking into companies involved in the ICICI Bank controversy of an alleged conflict of interest in bank chief Chanda Kochhar’s dealings with certain borrowers, according to a senior official.
However, specific details about the companies that are under the ministry’s scanner were not disclosed.
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. It was also alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.
Last month, ICICI Bank’s board ordered an independent probe into allegations of ‘conflict of interest’ and ‘quid pro quo’ in MD and CEO Chanda Kochhar’s dealing with certain borrowers. The inquiry was ordered on a complaint by an anonymous whistle blower against Kochhar.
Last month, markets regulator Sebi had served a notice on Kochhar on dealings of the bank with the Videocon Group and NuPower.
The official also said the affairs of the private lender are not being looked into by the ministry — as it is completely under the purview of the RBI.
However, specific details about the companies that are under the ministry’s scanner were not disclosed.
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. It was also alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.
Last month, ICICI Bank’s board ordered an independent probe into allegations of ‘conflict of interest’ and ‘quid pro quo’ in MD and CEO Chanda Kochhar’s dealing with certain borrowers. The inquiry was ordered on a complaint by an anonymous whistle blower against Kochhar.
Last month, markets regulator Sebi had served a notice on Kochhar on dealings of the bank with the Videocon Group and NuPower.
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