INSUBCONTINENT EXCLUSIVE:
Sebi has already issued show-cause notices to ICICI Bank and Chanda Kochhar as part of its probe.New Delhi: The Ministry of Corporate
Affairs has started inspection of NuPower Renewables and five other companies linked to the ICICI Bank controversy, Union Minister P P
Multiple agencies are probing the alleged lapses involving ICICI Bank's MD and CEO Chanda Kochhar and her family members
The lender is also carrying out an independent probe into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with
Chaudhary said the ministry ordered inspection under Section 206(5) of the Companies Act, 2013 on April 23, 2018 with respect to six
Renewables Pvt Ltd and the matter is under progress," he told PTI in an interview
The minister of state for corporate affairs also said the Regional Director (Western Region) under the ministry is carrying out the
According to Section 206 (5), the central government may, if it is satisfied that the circumstances so warrant, direct inspection of books
ICICI Bank are not being looked into by the ministry as that is completely under the purview of the Reserve Bank of India (RBI)
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon Group on a quid pro quo basis
CBI and Sebi are also looking into the matter
Besides, the controversy has come under the scanner of the US Securities and Exchange Commission (SEC) as ICICI Bank is listed in the US
restructuring of the loan
Last week, Finance Minister Piyush Goyal said the law would take its own course in the alleged case of nepotism at ICICI Bank, even though
it is a "good bank" with "very robust processes" and there was no cause for concern for any of the stakeholders of the lender per se.(Except
for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
