ICICI Bank, Chanda Kochhar receive notice from SEBI over Videocon loans

(Reuters) – ICICI Bank Ltd said on Friday the lender and its chief executive, Chanda Kochhar, had received a notice from the Securities and Exchange Board of India (SEBI) seeking responses over alleged non-compliance with certain rules.

The bank said it would respond to the SEBI, adding that the notice received on Thursday was based on information given by the bank and its CEO on earlier queries over their dealings with the Videocon conglomerate.

ICICI, India’s third-biggest lender by assets, is battling allegations that Kochhar allegedly favoured Videocon Group in its lending practices. Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband.

The bank has backed Kochhar, calling the rumours “malicious and unfounded”.