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VIDEOCON LOAN PROBE INTENSIVE

Chanda kochhar, managing director and chief executive of ICICI bank limited, has pulled out of the annual session of the FICCI ladies for organization(FLO), scheduled for 5 April. President Ram Nath Kovind is a chief guest for the April 5 at which 10 entrepreneur were to be honored. "we don't know why she opted but she refuse to join in" She was the guest of honor, but she has backed out from the program. So, now she is no longer for the events, "FLO's executive director Rashmi sarita told the Press Trust of India.

The move comes even as ICICI Bank chairman M.K. Sharma defended kochhar saying that she did not need to refuse herself from the credit committee that sanctioned loans to the Videocon group was not an investor in Deepak Kochhar's solar energy venture NuPower Renewable when the loan was sanctioned.

The Income tax department issued a noticed to Deepak Kochhar in connection with a tax evasion probe in the Videocon loan case, citing unnamed officials from the department. The department will probe the finances of the company and those associated with it. It's on Tuesday.

"ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilitates aggregating to approximately Rs3,250 corer, which was less than 10% of the total consortium facility in April". With regards to the Videocon loan, the ICICI bank board had said that the bank current exposure is part of syndicated consortium arrangement

The ICICI bank had clarified that none of them investor of Nupower Renewable are the borrower.

Payal

Krishi Jagran/New Delhi



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