ICICI Bank to probe role of CEO Kochhar following whistle-blower complaint
Private sector lender ICICI Bank will conduct an independent enquiry into allegations of breach of code of conduct and conflict of interest against Managing Director and Chief Executive Chanda Kochhar after a complaint from an anonymous whistle-blower. This comes soon after the Securities and Exchange Board of India (Sebi) served a notice to the bank and Kochhar. The allegations of wrongdoing pertain to loans extended by ICICI Bank to the Videocon group, which had business relations with NuPower Renewables, owned by Chanda Kochhar’s husband Deepak Kochhar.
Co-location case: CBI books stock broker & NSE, NIPFP, Sebi officials
In a sensational case, the CBI has registered an FIR against a stock broker who allegedly manipulated the National Stock Exchange’s (NSE) system for two years to get first access to markets when they opened, officials said. By manipulating the system, the accused would get access ahead of other brokers by some seconds, which was enough to make a difference in trade, they said. Sanjay Gupta, the promoter of OPG Security Pvt Ltd, Aman Kokrady his brother-in-law, and Ajay Shah, a data cruncher cum researcher, have been booked by the CBI along with unidentified officials of the NSE and stock market regulator SEBI, who could have connived with the trio to allow the illegal activity to continue for years, they said.
NCLAT stays insolvency proceedings against RCom; directs it to pay Rs 550 cr to Ericsson
The NCLAT today granted conditional stay on insolvency proceedings against RCom and its subsidiaries Reliance Infratel and Reliance Telecom, allowing them to proceed with the sale of their assets to Reliance Jio. The tribunal also directed RCom and its subsidiaries to pay Rs 550 crore to Ericsson India in 120 days, failing which it will direct insolvency proceedings against the company. The period would start from June 1. The move provides relief to the debt-ridden telecom firm led by Anil Ambani as it expects to monetize asset worth Rs 25,000 crore from their sale to Reliance Jio.
NCLAT Okays Vedanta plans to buy Electro steel
The National Company Law Appellate Tribunal (NCLAT) on Wednesday allowed Vedanta Limited to acquire Electro steel Steels by depositing the up-front payment of ₹5,320 crore to the lenders. However, the deal will be subject to the final outcome of a petition filed by Renaissance Steel before the NCLAT challenging Vedanta’s eligibility to bid. NCLAT also added that if the final order is in favour of Renaissance Steel, then the Committee of Creditors (CoC) will have to return the money to Vedanta.
Sebi seeks info from Jet Airways after fraud complaint
Capital markets regulator Securities and Exchange Board of India (Sebi) has sought information from Jet Airways (India) Ltd following a complaint of alleged fraudulent practices. In a filing to the stock exchanges on Wednesday, Jet Airways said Sebi had last month sought views of the statutory auditors and the audit committee on certain allegations. However, the airline did not elaborate on the complaint. The disclosure came in response to a clarification sought by the BSE on reports about alleged fraudulent practices by Jet Airways promoter Naresh Goyal and fall in its share prices.
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