ICICI Bank board to meet today

06 April 2018, 03:23 | Andres Norman

Sensex today ICICI Bank dips 6% index at day's high up 250 points auto stocks in focus

Sensex today ICICI Bank dips 6% index at day's high up 250 points auto stocks in focus

Earlier, Videocon Group chairman Venugopal Dhoot has ended his long kept silence over the Videocon-ICICI Bank case and termed all the media reports baseless. The total loan extended by the lenders' consortium to the Videocon Group, including Videocon Industries and 12 of its subsidiaries, was about ₹40,000 crore. He also clarified that the Rs 3,250-crore loan was in fact the "exposure" of ICICI Bank at the time.

The Central Bureau of Investigation (CBI) has registered a preliminary inquiry against Chanda Kochhar's husband, Deepak Kochhar, and Venugopal Dhoot, chairman of the Videocon group, to investigate the loan given to the company. Bank in a statement said, " Board meeting being held today is a pre-scheduled Board meeting convened for review of cases which are before NCLT under Insolvency and Bankruptcy Code, and other routine matters. New Vernon Capital Holdings Ii Llc who had been investing in Icici Bk Ltd for a number of months, seems to be less bullish one the $25.57 billion market cap company. Kochhar has been asked for details of his personal finances, Income Tax Returns (ITRs) for the last few years and business transactions with NuPower Renewables, a company that Deepak Kochchar founded. "This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables", he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company.

Supreme Energy became 94.99 per cent owner of Nupower after this, with Deepak Kochhar retaining the remaining stake. "ICICI never gave it loan, but company was benefited", Gupta told ANI. It also reduced its holding in Bank Of New York Mellon Corp (NYSE:BK) by 11,300 shares in the quarter, leaving it with 39,191 shares, and cut its stake in Johnson And Johnson (NYSE:JNJ).

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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. Zacks Investment Research upgraded shares of ICICI Bank from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research note on Monday, January 8th.

Last week Reserve Bank of India (RBI) slapped a fine of Rs 59 crore for failing to comply with regulations with regard to the selling of bonds in the held to maturity portfolio beyond the mandated limit of 5% of the previous year's outstanding. Approximately 5,108,606 shares were traded during trading, a decline of 36% from the average daily volume of 7,936,838 shares. The firm owned 462,242 shares of the bank's stock after purchasing an additional 21,901 shares during the quarter.

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