Podcast | ED, IT department set sights on ICICI Bank-Videocon loan case

Podcast | ED, IT department set sights on ICICI Bank-Videocon loan case

Podcast | ED, IT department set sights on ICICI Bank-Videocon loan case

News headlines about ICICI Bank (NYSE:IBN) have been trending somewhat negative on Sunday, according to Accern Sentiment Analysis.

The board had also reviewed the bank's internal processes for credit approval and found them robust, the statement said.

ICICI Bank had loaned $100 million through its Canadian subsidiary to Videocon, which was repaid in full with interest, Dhoot said, and added that there were enquiries by the Enforcement Directorate in the matter, but it did not find any wrongdoing under the foreign exchange management laws.

He said the diversified Videocon Group, which owes almost Rs 40,000 crore which have slipped into an NPA, is also facing similar testing times, and hinted that it has asked banks for a "push" in the form of fresh loans, after which it can come out of the crisis in two-three months.

The CBI has launched a preliminary investigation into Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012 and the role of Kochhar's husband - Deepak Kochhar.

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Dhoot has said that his investment in Supreme Energy, the company alleged to have invested in Deepak Kochhar's promoted NPRL, was only in thousands of rupees and temporary.

The report by The Indian Express says that Videocon chairman Dhoot started a joint company, NuPower Renewables Pvt Ltd (NRPL), with Deepak Kochhar and two of the latter's relatives in Decembr, 2008. He, however, has denied allegations of a quid pro quo and also rejected reports that he had made investment of Rs 64 crore in Kochhar's NuPower Renewables or having transferred any money in the company through Mauritius. Pinnacle Energy was a trust formed by Kochhar family. In both cases, interface with the lenders was inevitable, and it appears that ICICI Bank has acquired stakes of these few companies too. Zacks Investment Research raised ICICI Bank from a "hold" rating to a "buy" rating and set a $11.00 target price on the stock in a research report on Monday, January 8th.

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.

On the volume front, 25.51 lakh shares of the company were traded on the BSE and over 7 crore shares changed hands at the NSE during the day. The ICICI received another jolt after the RBI last week imposed a penalty of Rs 58.9 crore on it for violating the central bank's guidelines governing treasury operations, one of the heaviest monetary levies by a regulator on a bank for violation of regulations in recent years. The share sale opened on March 22, with the bank selling 24% stake in the brokerage firm.

Shares of ICICI Bank stock traded up $0.14 during trading on Friday, reaching $8.85.

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