INSUBCONTINENT EXCLUSIVE:
Authors: Super User
A day after announcing
the Q4 results, the ICICI Bank board will meet again on Tuesday
While officially the meeting's agenda is 'strategy', the issue that is likely to be discussed is the controversy surrounding Rs 3,250-crore
loan to the Videocon group
an alleged favour given to Videocon Group's promoter Venugopal Dhoot who had allegedly invested into NuPower Renewables, a company founded
by Deepak Kochhar, Chanda Kochhar's husband
The CBI had questioned Ms
Kochhar brother-in-law, Rajiv Kochhar in connection with the case.The CBI has registered a preliminary enquiry in the case
A preliminary inquiry is the first step by the CBI to gather information about the allegations
If the agency is convinced that there exists prima facie material in the matter, it may register a regular case against the accused.ICICI
Bank managing director and CEO Chanda Kochhar had one response to the questions on the allegations of impropriety and quid pro quo in
connection with a loan extended to the Videocon group
"ICICI Bank has always cooperated with investigative and regulatory agencies and we will continue to do so," Ms Kocchar replied, reading
from a prepared note every time a question was asked on the topic.When asked if she would complete her tenure as the bank's MD and CEO, she
replied, "This is a results press conference and I don't think CEO tenures are discussed in results press conferences."The top banker was
scheduled to brief reporters on the Q4 quarterly results of the bank
Many channels, including TheIndianSubcontinent were not invited to the briefing
ICICI Bank said the briefing was open to only those who covered the results regularly.: ICICI Bank Q4 Net Profit Nearly Halves To Rs 1,020
Crore On Higher Provisioning For Bad LoansMs
Kocchar was asked by several reporters to clarify on the allegations levelled against her in connection with the Rs 3,250-crore loan given
by the bank to the Videocon Group in 2012 but each time, she replied with the same answer
Incidentally, the Videocon account became an NPA (Non-Performing Asset) for the bank later.Meanwhile, ICICI Bank reported a nearly 50%
percent year-on-year drop in net profit at Rs 1,020 crore for the fourth quarter ending March 2018
Net profit for the same quarter last year was Rs 2,024.60 crore
The net profit was affected by an 85-percent spike in provisions due to a 17-percent rise in bad loans for the bank.
