Connect with us

Top News

ICICI co-operating with regulatory, investigative agencies: Kochhar (Lead)

Published

on

Mumbai, May 7 (IANS) More than a month after nepotism allegations against her, ICICI Bank MD and CEO Chanda Kochhar on Monday said that the private lender works under and abides by all regulatory norms and that it has been fully cooperating with regulatory and investigative agencies.

Kochhar was addressing a press conference to announce the company’s earning results for the quarter and financial year ended March 31.

Asked about the possibility of a third-party audit on the Videocon issue, Kochhar said: “As the Board had earlier said that we have been extending full cooperation to the regulatory and investigative agencies, and that we will continue to cooperate with them.”

On the possible succession plan, Kochhar said that the company’s board has made its stand clear.

“The board has made its stand very clear in the March 28 meeting and as far as bank operations are concerned you can see the stability, the enhancement and the franchise and the results,” Kochhar said.

She said that the board meeting on Tuesday is a ‘normal’ one to deliberate upon budget and strategy for the financial year ahead.

On March 29, ICICI Bank Chairman M.K. Sharma had said that reports alleging nepotism by Kochhar were unfounded and malicious in nature.

Saying that ICICI Bank’s exposure to the Videocon Group (Videocon Industries and 12 of its subsidiaries or associates as co-obligors) for a debt consolidation programme and for the group’s oil and gas capital expenditure programme aggregating approximately Rs 40,000 crore was less than 10 per cent.

Sharma had asserted that no individual bank employee has the ability to influence decisions of the credit committee.

“Given this architecture of sanctioning all loans by the credit committee comprising independent directors, no individual employee, howsoever…. (higher in) position has the ability to influence the decision on credit given by the bank,” Sharma said at a press conference in Mumbai.

He clarified that none of “the investors of NuPower Renewables are borrowers of ICICI Bank” and that Kochhar did not chair the committee that had lent to Videocon.

In addition, Sharma said at the press briefing that Kochhar has been making all her disclosures in accordance with the regulatory guidelines under the Companies Act and the Banking Act.

Sharma revealed that the bank has ‘satisfactorily’ replied to the questions of all the regulators, which he described as an ongoing process between “a regulated entity like a bank and the regulators and other government departments”.

In 2012, a consortium of 20 banks and financial institutions sanctioned credit facilities to the Videocon Group for a debt consolidation programme and for its oil and gas capital expenditure programme aggregating to approximately Rs 40,000 crore.

–IANS
rv/tsb

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending