In a reprieve to ICICI Bank, the Madras high court on Wednesday ruled that it finds no ground to interfere in the order of Chennai Debts Recovery Appellate Tribunal that allowed the recovery of Rs 222-crore debt from erstwhile retail chain Subhiksha Trading Services and its guarantors including the promoter, R Subramanian.
Former ICICI Bank chief Chanda Kochhar, who was terminated with retrospective effect Wednesday, may have to return over Rs 9 crore performance bonus received as the bank’s executive head since 2009, sources said. Besides, she will also have to forgo her unexercised stocks options, they said.
Kochhar became the CEO and managing director of the country’s leading private sector lender in May 2009 and left the bank in October 2018.
The ICICI Bank’s then board, which rushed to give a clean chit to its former Chief Executive Officer and Managing Director Chanda Kochhar in March 2018 without any investigation, is liable and can be prosecuted for violation of various sections of the RBI, Sebi Act, whistle-blower policy, and the bank’s own code of conduct, according to corporate lawyers.
ICICI Bank posted a fall of 2.7 per cent in net profit to Rs 1,604.9 crore for the quarter ending December as against Rs 1,650.24 crore in the corresponding period last year. The net interest income (NII) was recorded Rs 6,875 crore as against Rs 5,705 crore for the same period, a drop of 20 per cent. The private lender also recorded slippages at Rs 2019 crore.
Shares of ICICI Bank were trading lower for the eighth straight day at Rs 338, down 5 per cent on the BSE, on the back of heavy volumes. It was trading at its lowest level since December 11, 2018.
The stock of private sector lender has fallen 10 per cent since January 16, 2019, as compared to a 2 per cent fall in the S&P BSE Sensex. It hit a record high of Rs 383 on January 9, on the BSE in the intra-day trade.
New Delhi: The controversy related to ICICI Bank, the largest private lender of India, is refusing to die as the government on Thursday indicated that inspection of the books of six companies linked to the row is at an advanced stage.
The corporate affairs ministry had ordered inspection of six companies, including NuPower Renewables, on April 23.
Mumbai: ICICI Bank Ltd has drawn up a plan to raise as much as ₹25,000 crore for on-lending as India’s second largest private lender seeks to fill in the vacuum left by non-banking financial companies (NBFCs), which are facing a liquidity squeeze. ICICI Bank intends to issue non-convertible debentures (NCDs) and other fixed-income securities for raising funds in the year ahead, according to a document sent recently to shareholders after its annual general meeting.
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