The U.S. Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd. on its accounting and corporate governance practices, people familiar with the matter said.The SEC’s queries center on ICICI’s dealings with certain borrowers under Chief Executive Officer Chanda Kochhar and whether there had been is representations in the bank’s accounting, the people said, asking not to be identified.

The domestic equity markets started Tuesday's trade on a strong note with the BSE Sensex going beyond the 36,800 mark for the first time ever, Nifty50 touched 11, 134.95 mark. In just few minutes, Sensex was at 36,816.53 level, with a gain of 97.93 pointswhile Nifty was at 11,115.50, up 30.75 points.

Private-sector lender ICICI Bank on Monday postponed its annual general meeting (AGM) by over a month to September 12. The AGM was earlier scheduled for August 10.

“We wish to draw reference to our letter dated 13th July 2018, indicating the revised Annual General Meeting(AGM) date of 12th September 2018 and the revised dates of book closure between 28th August 2018 and 12th September 2018 (both days inclusive),” the lender said in a regulatory filing, adding,

Private lender ICICI Bank has postponed its annual general meeting (AGM) by a month to September 12, amidst allegations of wrongdoing against its managing director and chief executive Chanda Kochhar. The AGM was to be held on August 10 earlier.

“We wish to update that the change in AGM date and the consequent changes in record dates was necessitated due to the sequencing of general meeting dates within the listed entities of ICICI Group," said the bank in a filing to the exchanges.

Two recent events in the financial sector offer many corporate governance lessons. In one case, the government and its agencies were involved and left behind questionable precedents. In another private sector institution, a former government employee is involved though the manner of his involvement raises questions. These events are juxtaposed with larger societal questions related to saving institutions and jobs and ensuring financial stability.

ICICI Bank on Wednesday said its mortgage loan portfolio crossed Rs 1.5 trillion, a first among private sector banks in the country. It is now aiming to grow its home loan book to Rs 2 trillion by 2019-20.

In line with the bank’s renewed focus on the retail segment, it has become the largest mortgage lender among private sector banks.

Mumbai: ICICI Bank Ltd issued hundreds of letters of credit (LCs) to entities related to its troubled corporate borrowers to help them avoid loan default, a whistleblower complaint said, pre-empting the need to set aside money for non-performing assets (NPAs).

Banks often extend loans to debt-laden companies to help them repay previous loans, a practice known as evergreening. This buys time to run down bad loans slowly so the companies can earn their way out of trouble.

India’s largest private sector lender ICICI Bank said another whistle-blower had accused it of having lax controls over operations. This is the third instance of such complaint. In the first two complaints, the bank’s Managing Director and Chief Executive Officer Chanda Kochhar is facing an inquiry by the board and is on leave till investigations are over. The latest complaint relates to the incorrect asset classification of 31 loan accounts, and alleges that interest income and recoveries from non-performing assets (NPA) have been accounted as fees.

The board of ICICI Bank has appointed Sandeep Bakhshi whole-time director and chief operating officer (COO) to run the affairs of the private lender. Chanda Kochhar, managing director (MD) & chief executive officer (CEO) will be on leave, pending the probe.

The changes come amid allegations of a quid pro quo in transactions between Videocon Industries, Kochhar and her husband Deepak Kochhar’s company NuPower Renewables.

ICICI Bank Chairman M K Sharma has written an email to board members seeking their opinion on whether Managing Director (MD) & Chief Executive Officer (CEO) Chanda Kochhar should be asked to go on indefinite leave until the internal enquiry is concluded, said people in the know.

“In an email sent to board members last week, Sharma asked board members whether they agreed that Kochhar should go on indefinite leave until the ICICI Bank-constituted enquiry is completed to have a fair outcome,” said one of the persons cited above.

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