ICICI Bank pointed out that the board meeting is routine in nature.
The board had also reviewed the bank's internal processes for credit approval and found them robust, the statement said. But there are many unanswered questions: What was the collateral and loan guarantee to Videocon group's loan facility?
ICICI Bank had loaned Dollars 100 million through its Canadian subsidiary to Videocon, which was repaid in full with interest, Dhoot said, adding that there were enquiries by the Enforcement Directorate in the matter, but it did not find any wrongdoing under the foreign exchange management laws.
The agency has collected relevant documents related to the said loan given to Videocon Group.
A consortium of 20 banks led by State Bank of India and ICICI Bank as one of its members had thrown a credit line of Rs 40,000 crore open to Videocon which has been referred by the consortium for recovery of dues under IBC or insolvency and bankruptcy code before the National Company Law Tribunal or NCLT.
The CBI had questioned a few ICICI Bank officials as part of a preliminary inquiry to find if any quid pro quo was involved in the bank issuing a Rs 3,250 crore loan to Videocon Group in 2012. However, the revised invitations for the event circulated on Tuesday did not feature the name of the ICICI Bank CEO.
The bank had clarified that none of the investors of NuPower Renewables are current borrowers of ICICI Bank.
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With no raises for teachers in more than a decade, Oklahoma educators now have the lowest average pay of any state in the country. Then, lawmakers sought to repeal a tax increase on hotels that is critical to the funding increases, according to The Oklahoman .
It is alleged that Dhoot gave Rs.64 crore in 2010, through a fully owned entity to NuPower Renewables Pvt. Around 33.17 per cent is held by Pinnacle Energy, whose managing trustee is Deepak.
Supreme Energy became 94.99 per cent owner of Nupower after this, with Deepak Kochhar retaining the remaining stake. He further alleges that ICICI Bank also extended offshore funding amounting to Rs 660 crore to a Videocon Group company based in the Cayman Islands.
Apart from Videocon, Rajiv's firm through its website (http://avistaadvisory.com/transactions/restructuring/) claims to have offered its services to companies like Suzlon (in 2014), Jaiprakash Associates (in 2017), GTL Infra (in 2012), JSL (in 2016), Sterling Biotech (in 2013), Jaiprakash Power Ventures (in 2015) etc.
In the NY premarket, ICICI shares were recently sliding 7.6%.
New Delhi: Shares of ICICI Bank plunged almost 6 per cent on Monday, wiping out Rs 10,452.84 crore from its market valuation amid controversy over alleged conflict of interest involving the lender and Videocon Group.
Among 2 analysts covering Icici Bank Limited (NYSE:IBN), 2 have Buy rating, 0 Sell and 0 Hold. The hedge fund held 402,613 shares of the commercial banks company at the end of 2017Q4, valued at $3.92 million, down from 561,193 at the end of the previous reported quarter.
At the end of the day, ICICI Bank's stock on BSE closed 5.93% down at Rs 261.90 and 5.73% down at Rs 262.40 on NSE.
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