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ICICI misses out Vaghul defence again PDF Print E-mail
Wednesday, 04 April 2018 04:58
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FE Bureau

 

ICICI Bank, in its statement to the stock exchanges on Tuesday, appears to have missed highlighting a critical point in its defence, articulated first by former chairman – and managing director earlier – N Vaghul in an interview to CNBC-TV18 on Monday.

 

While most believed ICICI Bank’s Rs 3,250 crore loan to the Videocon Group in 2012 followed a Rs 64-crore loan from Videocon Chairman Venugopal Dhoot to ICICI Bank MD Chanda Kochhar’s husband Deepak Kochhar, Vaghul pointed out that no fresh loans were given in 2012.

 

Vaghul told CNBC-TV18 that, like many other banks, ICICI Bank too had given many loans to various Videocon group firms. In 2012, the lead bank, SBI, asked all consortium members to consolidate their loans into one big loan. The Rs 3,250 crore loan, Vaghul said, resulted from this consolidation and that no new loans were given in 2012.

 

In its original press release on March 29, ICICI Bank noted, “In 2012, a consortium of over 20 banks … sanctioned facilities to Videocon Group … for a debt consolidation programme … aggregating approximately Rs 40,000 crore … ICICI Bank’s current exposure … is part of this syndicated consortium arrangement”.

 

On Tuesday, in response to a query on whether the matter was examined by the audit committee and its whistleblower committee, ICICI Bank repeated “In 2012, a consortium of over 20 banks … sanctioned facilities to Videocon Group … for a debt consolidation programme … aggregating approximately Rs 40,000 crore … ICICI Bank’s current exposure … is part of this syndicated consortium arrangement”. It still did not highlight that no new loans were sanctioned/disbursed in 2012 and that this was simply a consolidation of existing loans.

 

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