NuPower Renewables Is In The News For All The Wrong Reasons

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

It's been a tough week for ICICI Bank.

The CBI, SEBI and RBI are looking into the issue.

But what is the connection between the Kochhars and Dhoots? Here are five things to know about the ongoing controversy. In 2015, the RBI mandated that State Bank of India (SBI) and ICICI Bank to become part of the empowered committees for any joint lenders forum (JLF) set up by a consortium for addressing stress in loan servicing. Dhoot had 50% share in NRPL where as the other 50% shares were owned by Kochhar, and Pacific Capital, a company owned by his father and Chanda Kochhar's brother's wife.

The allegations had first come to light in 2016 when a shareholder Arvind Gupta wrote to the Prime Minister, CBI's Director and Enforcement Directorate. Concerns were also raised about transactions of Videocon group and NUPower Renewables, a company operated by her husband Deepak Kochhar.

Reportedly, the agency soon will call Dhoot, Deepak Kochhar and bank officials for examination.

First Land Holding invested in NuPower in 2010-12 via compulsory convertible preference shares.

ICICI Chairperson Chanda Kochhar is facing heat over alleged conflict of interest case. Around 33.17 per cent is held by Pinnacle Energy, whose managing trustee is Deepak. 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). Dis Ms Kochhar make all her routine disclosure in accordance with companies and banking act?

Lord and Taylor, Saks Fifth Avenue fall victim to data breach
For now, HBC is asking clients to review their account statements for activity or transactions they don't recognize. The Hudson's Bay Company will reach out to their customers and offer identity-protection services.

He also alleged that Videocon transferred almost Rs 325 crore to Deepak's company through a Mauritius company. "The Videocon group account has been classified as an NPA during 2017". After reviewing the internal processes and details of exposure to Videocon, the ICICI Bank board said it found no wrong-doing. The bank has rejected the allegations and said it has full faith in its CEO.

In the loans extended to the bank in 2012, ICICI says that it was only a part of the 20-bank consortium and didn't even lead it.

Shares of ICICI Bank stock traded up $0.14 during trading on Friday, reaching $8.85.

The CBI enquiry had named many unidentified people, along with Kochhar and Dhoot, the officials added. He had no contact with either Deepak Kochhar or Chanda Kochhar after the return of the stake, he said. It is not known at this stage whether disclosures about Rajiv being an interested party has been made in each instance where loans have been sanctioned or deals have been done by ICICI Bank. ETRADE Capital Management LLC lifted its stake in shares of ICICI Bank by 53.4% in the 3rd quarter.

The stock is now trading at Rs262 down by Rs16.4 or 5.89% from its previous closing of Rs278.40 on the BSE. TIAA CREF Investment Management LLC now owns 4,514,378 shares of the bank's stock worth $43,925,000 after buying an additional 3,414,843 shares during the period.

For ICICI, this isn't the only issue to have hit it recently. The penalty is the highest ever imposed on a bank for a single incident. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The hedge fund held 402,613 shares of the commercial banks company at the end of 2017Q4, valued at $3.92 million, down from 561,193 at the end of the previous reported quarter.

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