ICICI Bank shares soar almost 9% post Q4 results

09 May, 2018, 01:30 | Author: Sally Reid
  • I-T Dept questions ICICI Bank CEO Chanda Kochhar's husband Deepak in Videocon loan case Report

The board has seven independent directors, including chairman and government nominee director.

In a sudden announcement a few days after the controversy erupted, Ranjan was appointed in the place of Amit Agarwal. Kochhar declined to comment on the allegations in a subsequent conference call with reporters.

A pedestrian walks past a logo of ICICI Bank at its headquarters in Mumbai January 30, 2015. When asked how the whole loan controversy affected her, Kochhar merely smiled and said: "I think a professional must focus on his or her job".

"If government nominee attends the board meet, then it would be like endorsing board's view".

The development comes nearly a month after the tax authority had asked Deepak Kochhar to furnish all the details regarding personal finances, income tax returns for the past many years, and business dealings with NuPower Renewables.

It is alleged that family members Kochhar, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank.

Sharma had asserted that no individual bank employee has the ability to influence decisions of the credit committee.

According to the sources, the Reserve Bank of India (RBI) as powers to inspect the books of ICICI Bank.

Guinness World Records holder Wisconsin man eats 30000th McDonald's hamburger
Gorske tucked into his 30,000th at 3pm, May 4, under the famous Golden Arches at his local McDonald's on Military Road. Don Gorske holds the world record for "Most Big Macs Consumed" and now, he's hit a milestone: his 30,000th Big Mac.

The central bank had closed the probe - after ICICI Bank had submitted a detailed response to its queries - as it was unable to find conclusive evidence of any conflict of interest, the industry sources who did not wish to be named said.

It can be noted that the ICICI Bank board had come out with a statement supporting Kochhar on the eve of the news getting out in the media.

He alleged quid pro quo between Videocon Group and ICICI Bank's chief executive officer (CEO) as well as her family members with respect to extending a loan worth Rs 3,250 crore. She sought to highlight the fact that the bank was unaffected by the controversy by pointing out that the bank had added Rs 29,200 crore of current and savings account deposits and that fee income was the highest in four years. "Going forward, ICICI Bank's strategy will be anchored around three key anchors: Preserve, Change, Grow", Kochhar said. The bank's stock was the star performer in today's session, comfortably topping the gainers' list. The company's market cap stood at Rs 1,98,812.96. All this rounds off to 89.66 per cent.

At NSE, shares of the company jumped 8.52 per cent to Rs 314.50.

ICICI's long-serving Chief Executive Chanda Kochhar has also been battling allegations of nepotism in a loan the bank gave to the Videocon conglomerate.

The investments from Ruias son-in-laws firm into NuPower started in December 2010. This loan was later classified as NPA.

Axis Bank posted its first ever quarterly loss last month as its bad loans surged. And finally, Financial Chronicle has raised questions over the last seven days on the jiggery pokery of the Kochhar brothers to further their business interests.

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