Chanda Kochhar case: SAT asks SEBI not to proceed till Sept 15

Allegations of quid pro quo transactions

– The matter pertains to a show-cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice BN Srikrishna

– The Srikrishna committee, which was tasked to probe the allegations of quid pro quo transactions in ICICI Bank, submitted its report to the lender in January 2019

New Delhi, July 14

The Securities Appellate Tribunal (SAT) has restrained SEBI’s Adjudicating Officer from proceeding till September 15 in a matter related to former ICICI Bank chief Chanda Kochhar.

The matter pertains to a show-cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice BN Srikrishna.

The Srikrishna committee, which was tasked to probe the allegations of quid pro quo transactions in ICICI Bank, submitted its report to the lender in January 2019.

The committee, in its report, observed that Kochhar violated bank policies and other rules and regulations.

The Board of the bank based on the report had decided to treat her resignation as ‘Termination for Cause’ under the bank’s internal policies.

Kochhar, who was managing director and CEO of ICICI Bank, had quit the bank in October 2018.

In its order dated July 9, SAT has restrained” the Adjudicating Officer from proceeding in the matter till the next date of listing”.

The matter would be listed for admission and for final disposal on September 15, it added.

It was alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in Nupower Renewables Pvt Ltd, months after the Videocon group got Rs 3,250 crore as loan from ICICI Bank in 2012.

Nupower was operated by Chanda Kochhar’s husband Deepak Kochhar. — PTI