ICICI Bank appoints Sandeep Bakhshi as COO, Chanda Kochhar goes on leave
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. The bank board has appointed former Supreme Court judge B N Srikrishna to probe allegations of conflict of interest against Kochhar.
Privacy law: Framework of Aadhaar divides Justice Srikrishna committee
The B N Srikrishna committee, asked to examine issues on data protection and to draft a privacy law, is in the final stages of producing a report. Before it finalizes this, it has to address a couple of issues which have divided the members, say sources. The committee, constituted in July 2017, met on Monday. An official with knowledge of the matter says the panel has been witnessing heated debate around the inclusion in the proposed privacy framework of Aadhaar, the citizen identity number based on personal detail.
UltraTech: Dalmia Bharat delaying Binani resolution
With Dalmia Bharat-controlled Rajputana Properties (RPPL) sticking to its demand for getting a copy of UltraTech Cement’s revised resolution plan, the Aditya Birla Group-owned cement major on Monday alleged that its rival bidder is unnecessarily slowing down the pace of the insolvency resolution process for the bankrupt Binani Cement. “Rajputana Properties is now filing unnecessary applications to delay the resolution process, knowing that every day we are incurring a cost of Rs 1.4 crore towards interest payment to the financial creditors of Binani Cement as per our resolution plan, which was approved by the committee of creditors,” Siddhartha Mitra, counsel for UltraTech, said in his submission before the Kolkata bench of the National Company Law Tribunal (NCLT).
Sebi plans to amend takeover regulations
Securities and Exchange Board of India (Sebi) is likely to change certain provisions in the takeover regulations, including those pertaining to revision of open offer price, a senior official said. The watchdog’s move comes after public consultations on a discussion paper about review of SAST (Substantial Acquisition of Shares and Takeovers) Regulations. According to the official, the review exercise was aimed at simplifying the language, removing redundant provisions and inconsistencies as well as update references about Companies Act, 2013 in the regulations.
EPayment cos want KYC norms eased for now
The digital payments industry has written to the Reserve Bank of India to delay implementation of its stringent customer verification rules until mobile wallet providers are allowed to access the Aadhaar database for user authentication, said three people aware of the matter. “The (prepaid payments instrument) industry is in a precarious situation right now and therefore we request you to keep the (know-your-customer) regulations in abeyance till the time these concerns are resolved,” Payments Council of India (PCI) wrote in a letter to RBI, which EThas reviewed.
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