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ICICI BANK

I-T department issues notice to ICICI Bank’s CEO Chanda Kochhar’s husband

The uncertainty lies till the final outcome of the probe comes out, which will dampen the sentiment on ICICI Bank stock price, as the case is linked to the Videocon Group.

Media reports suggest that the Income Tax Department has issued a notice to Deepak Kochhar, husband of ICICI Bank MD and CEO Chanda Kochhar, in connection with its tax evasion probe in the Videocon loan case. Deepak Kochhar has been asked to furnish details of his personal finances, Income Tax Returns (ITRs) for the last few years and business transactions with the firm NuPower Renewables. The IT department further said, it has launched a probe into the finances of the company and those associated with it. The uncertainty lies till the final outcome of the probe comes out, which will dampen the sentiment on the ICICI Bank stock price, as the case is linked to the Videocon Group.

ICICI Bank was part of a 20-member consortium that lent about Rs40,000cr to the Videocon group. Some of the loans have now turned nonperforming assets. The CBI is trying to ascertain whether any influence was exerted on the banks to fund Videocon.

The agency is looking to the role of Deepak Kochhar, husband of ICICI Bank CEO Chanda Kochhar, and Videocon chairman Venugopal Dhoot, as well as some unnamed bank officials.

The CBI had questioned a few ICICI Bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank issuing a Rs3,250cr loan to the Videocon Group in 2012.

ICICI Bank Ltd is currently trading at Rs270.90 up by Rs1.3 or 0.48% from its previous closing of Rs269.60 on the BSE.
The scrip opened at Rs267.80 and has touched a high and low of Rs271.95 and Rs265 respectively.