Rs. 25 crores fine for ICICI Bank CEO Chanda Kochhar

     Written by : SMTV24x7 | Tue, Jun 12, 2018, 02:09 PM

Rs. 25 crores fine for ICICI Bank CEO Chanda Kochhar

New Delhi, June 12: Market regulator Securities and Exchange Board of India (Sebi) might impose a maximum penalty of Rs 25 crore on ICICI Bank CEO Chanda Kochhar, if she found guilty in Videocon loan case.

Only a financial penalty can be levied as under the current notice, there is no provision for asking the CEO to step down," one of the sources told Mint.

The report said that maximum penalty of Rs 25 crore, or three times the ill-gotten gains, can be levied under SEBI rules. It added that the quantum of penalty will be under the discretion of the adjudicating officer.

In 2012, ICICI Bank granted Rs 3250 crore to Videocon Group. In this case, Chanda Kutcher's husband Deepak Kothar has been accused of misappropriation. The Kutcher family and Videocon chief Venugopal Dhoot were accused of being involved in the Quid Pro KO.

Sebi started scrutinizing the investigation. Did Kochhar reveal key information that affects the price of shares? Did SEBI violate terms in this regard? Is investigating.