ICICI Bank responds, seeks settlement through consent: SEBI
Mumbai, Sep 18 : Controversy-hit private lender ICICI Bank has replied to security market regulator SEBI's show cause notice on the issue related to allegations of impropriety levelled against its MD and CEO Chanda Kochhar.
In addition, the bank has sought to settle the case with SEBI through the regulator's consent mechanism.
The stock market regulator provides for an out-of-the-court settlement procedure to settle cases -- consent mechanism -- which does not warrant admission or denial of the alleged wrongdoing.
Answering questions on the issue after SEBI's annual board meet, the regulator's Chief Ajay Tyagi said: "On the ICICI (issue), to my information some reply has come from the bank and the earlier CEO (Kochhar), so, we will examine that…"
On the plea for settlement through consent mechanism, Tyagi claimed ignorance. However, another SEBI official present at the conference confirmed the request.
Earlier, a show cause notice was issued to ICICI Bank and its MD and CEO Kochhar regarding conflict of interest in lending to Videocon Group, which has had business tie-ups with her husband Deepak Kochhar.
Currently, former Supreme Court judge B.N. Srikrishna (Retd) is heading an independent enquiry into the allegations.
The bank on May 30 announced that its Board has decided to institute a "comprehensive enquiry" to look into an anonymous whistleblower's complaint alleging that Kochhar had not adhered to provisions relating to "code of conduct" of the bank.
In June, Kochhar decided to proceed on leave.
Thereafter, Sandeep Bakhshi was appointed as the wholetime Director and Chief Operating Officer (COO) of the bank.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
India describes attack on Fujairah 'unacceptable'
New Delhi (PTI): India on Tuesday described the wounding of three Indians in an attack on the United Arab Emirates' port city of Fujairah as "unacceptable" and pressed for an immediate cessation of hostilities targeting innocent civilians.
New Delhi's reaction came a day after the Indians were injured after a drone attack caused a fire at a major oil industry zone in Fujairah. The UAE had accused Iran of carrying out the strike.
"The attack on Fujairah that resulted in injury to three Indian nationals is unacceptable," External Affairs Ministry spokesperson Randhir Jaiswal said.
"We call for immediate cessation of these hostilities and the targeting of civilian infrastructure and innocent civilians," the spokesperson said.
Jaiswal said India continued to stand for dialogue and diplomacy to deal with the situation so that peace and stability could be restored across West Asia.
"We also call for free and unimpeded navigation and commerce through the Strait of Hormuz in keeping with international law. India stands ready to support all efforts for a peaceful resolution of issues," he said.
The attack on Fujairah city came as the ceasefire between the US and Iran came under strain in the Strait of Hormuz.
The Strait of Hormuz, through which roughly one-fifth of the world's oil and gas pass, remains a major sticking point in the talks. Shipping through the narrow Gulf waterway has been severely disrupted by the conflict, triggering a sharp increase in oil prices and energy shortages in several countries.
The UAE's defence ministry on Monday said its air defence systems engaged 12 ballistic missiles, three cruise missiles and four drones launched from Iran.
The ministry affirmed that it "remains fully prepared and ready to deal with any threats and will firmly confront anything that aims to undermine the security of the country."
