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ICICI Bank board will meet today to review the insolvency cases pending before the National Company Law Tribunal, and other routine matters.
This is the first time ICICI Bank board will meet after the controversy over alleged conflict of interest involving its CEO Chanda Kochhar and Videocon group broke out. The private sector lender pointed out that the board meeting is routine in nature.
“ICICI Bank board meeting being held today is a pre-scheduled board meeting convened for review of cases which are before the National Company Law Tribunal under Insolvency and Bankruptcy Code, and other routine matters,” the bank said in a BSE filing today.
“It’s important to note that the board has been meeting regularly in the first week of April in the previous years too, to review the progress in resolution of large cases,” it said.
Last week, media reports mentioned the alleged involvement of Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis. Concerns were also raised about the transactions of Videocon group and NuPower Renewables, a company operated by her husband Deepak Kochhar.
The Central Board of Investigation has also questioned few ICICI Bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the issuance of Rs 3,250-crore loan to the Videocon Group in 2012. ICICI Bank board, however, has reposed full faith in Kochhar.
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