#ICICI bank

[seemabhatnagar]

Freezing of bank account for unconnected entities is legally untenable.

M/s Jermyn Capital LLC Dubai v. Central Bureau of Investigation

Fact:

M/s Jermyn Capital LLC Dubai (#Appellant Company) was Permitted by Securities Exchange Board of India (#SEBI) to buy & sell share & securities in the #Indian Stock Market.

The appellant company had its shares in its account with #ICICI Bank.

However, due to certain litigation the appellant company quit the trading in the Indian Market in 2006.

But appellant company was subjected to 02 #freeze orders under section 102 #Cr PC. (This section empowers police officers to seize any property which gives suspicion for commission of any offence.)

The freeze order for an amount of Rs.42.51 crore was initiated because of the #pending #investigation against Dharmesh Doshi

Against the freeze order the appellant company approached the Apex Court & the #ApexCourt allowed the appellant Company to sell its shares & convert into cash and repatriate the funds with interest but without bank guarantee.

Rs. 42.51 Crore was repatriated.

Issue arose when appellant company was incapacitated by second freeze order for an amount of Rs. 38.52 crores to repatriate.

Aggrieved by the freeze the appellant company again approached the Apex Court.

 The Apex Court gave liberty to the appellant company to approach trial court for release of the said amount.

 The trial court allowed the repatriation of Rs.38.52 Crores subject to the #Bank Guarantee of an equivalent amount.

Aggrieved by the imposition of Bank Guarantee Clause the appellant Company approached High Court.

High Court confirmed the decision of Trial Court.

Against the order of the High Court present Criminal Appeal is filed before Apex Court.

Observation of the Apex Court:

 Imposition of Bank Guarantee clause as due to pending investigation against Dharmesh Doshi, alleged to have been connected with the appellant company.

Record shows that Dharmesh Doshi has been discharged by the trial court, was never an employee/shareholder/director or holding key managerial position in the appellant company.

Dharmesh Doshi & Appellant Company are 02 separate entities.

Freezing order as such not legally tenable when two entities are unconnected.

Neither in the FIR nor in the chargesheet filed against the Dharmesh Doshi, appellant company was named.

Further during hearing CBI informed the Apex Court that no criminal proceedings is pending against the appellant company pertaining the dispute discussed here.

The freeze order against the appellant company’s properties is redundant as the appellant company is not necessary for the conclusion of the investigation.

The purpose of the freeze order, and the bank guarantee in extension of the freeze order, can only be in operation to aid in the investigation against the alleged crime.

Since the investigation against the appellant company has become redundant as such freeze order has also become redundant.

 The operation of the freeze order has been active for a period of 17 years and has caused huge losses to the appellant company.

Decision:

The Division Bench of Hon’ble Mr. Justice Krishna Murari J & Hon’ble Sanjay Kumar J vide their order dt.09.05.2023 set aside the order of the High Court and permitted the appellant company to withdraw the said amount with 4% simple interest from May08, 2006.

Seema Bhatnagar

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Court relief for Deepak Kochhar over questioning in ICICI-Videocon loan case

In a relief to former ICICI Bank Managing Director Chanda Kochhar’s husband and businessman Deepak Kochhar, the Bombay High Court on Friday ruled that no coercive action should be taken against him by the Serious Fraud Investigation Office (SFIO) and that he be questioned only during working hours on any day. The bench of Justices Revati Mohite-Dere and Rohit Wasudeo Joshi passed this order while…

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Best ICICI Credit Cards for Easy Online Shopping

When it comes to shopping online, having the right credit card can make all the difference in maximizing rewards and savings. ICICI Bank offers a range of credit cards tailored specifically for online shoppers, providing cashback, discounts, and special deals on various platforms. ICICI Credit Cards for Online Shopping not only help you save on your purchases but also offer features like reward points, EMI options, and secure transactions. 

Popular choices like the ICICI Amazon Pay Credit Card are ideal for frequent shoppers on Amazon, offering cashback on purchases and additional benefits for Prime members. The ICICI Coral Credit Card is another great option, with rewards for both online and offline shopping, plus attractive offers on movie tickets and dining.

Additionally, many ICICI credit cards come with zero-cost EMIs, allowing you to buy high-value products with ease. With features like easy redemption of reward points and exclusive discounts across various categories such as electronics, fashion, and groceries, ICICI credit cards enhance your online shopping experience.

In conclusion, if you want to make the most of your online shopping, exploring the benefits of ICICI Credit Cards for Online Shopping can help you enjoy great savings, rewards, and convenience.

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Hotel Booking Fraud in Jamshedpur Leads to ₹90,312 Loss

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Chanda Kochhar: Pioneering Path in Banking

Chanda Kochhar, born Chanda Advani on November 17, 1961, in Jodhpur, Rajasthan, is a prominent figure in Indian banking. Her tenure as the managing director (MD) and chief executive officer (CEO) of ICICI Bank from 2009 to 2018 marked both significant achievements and tumultuous controversies.

Early Life and Education

Kochhar’s early years were shaped by her pursuit of academic excellence. She attended St. Angela Sophia School in Jaipur before moving to Mumbai for higher education. At Jai Hind College, she earned a bachelor’s degree in commerce from the University of Mumbai. Kochhar furthered her studies by obtaining a master’s degree in management studies from the Jamnalal Bajaj Institute of Management Studies. Her academic prowess was recognized with prestigious awards, including the Wockhardt Gold Medal and the J. N. Bose Gold Medal.

Career

Chanda Kochhar’s illustrious career at ICICI Bank began in 1984 as a management trainee. She quickly ascended through the ranks, showcasing her expertise in project appraisal and monitoring. Kochhar played a pivotal role in establishing ICICI Bank during the 1990s, contributing to its growth and expansion. Her leadership was instrumental in the bank’s foray into retail banking and its strategic initiatives in various sectors.

In 2009, Kochhar assumed the role of managing director and CEO of ICICI Bank, overseeing its operations both domestically and internationally. Her tenure was marked by numerous accolades and achievements, including steering ICICI Bank to win prestigious awards such as the “Best Retail Bank in India” and earning personal recognition as the “Retail Banker of the Year” by the Asian Banker.

Recognition and Awards

Despite her professional success, Kochhar’s career was marred by allegations of impropriety and conflict of interest. In 2018, she resigned from her positions at ICICI Bank amidst allegations of favoritism towards the Videocon Group in lending practices. Subsequent investigations by authorities led to criminal charges against Kochhar, her husband Deepak Kochhar, and others, alleging financial irregularities and corruption.

Legacy and Controversies

Chanda Kochhar’s legacy as a trailblazer in Indian banking is overshadowed by the controversies surrounding her tenure at ICICI Bank. While her contributions to the banking sector earned her accolades and recognition, allegations of misconduct and legal proceedings tarnished her reputation and raised questions about corporate governance and ethics in India’s financial institutions.

Personal Life

Outside of her professional endeavors, Chanda Kochhar is a devoted wife and mother. She resides in Mumbai with her husband Deepak Kochhar, a wind energy entrepreneur, and their two children. Despite the challenges she faces, Kochhar remains committed to her family and continues to navigate the complexities of her personal and professional life with resilience and determination.

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ICICI Bank Facilitates Seamless UPI Payments for NRI Customers Across 10 Countries

ICICI Bank’s recent collaboration with the National Payments Corporation of India (NPCI) introduces an innovative solution, enabling Non-Resident Indian (NRI) customers to utilise their international mobile numbers for instant UPI payments in India. This groundbreaking service caters to NRIs residing in 10 countries, including the USA, UK, UAE, and Canada, enhancing banking accessibility and convenience across borders.

Streamlined Process for NRI UPI Payments

With this initiative, NRI customers can effortlessly conduct various transactions, including utility bill payments and e-commerce transactions, using their international mobile numbers linked to their NRE/NRO bank accounts with ICICI Bank in India. Leveraging the bank’s mobile banking app, iMobile Pay, NRIs can now activate the UPI facility on their international mobile numbers seamlessly, eliminating the previous requirement of registering an Indian mobile number for UPI payments.

Read More:(https://theleadersglobe.com/money/icici-bank-facilitates-seamless-upi-payments-for-nri-customers-across-10-countries/)

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Top ICICI Credit Cards for Salaried Employees

ICICI Bank provides a variety of credit cards that are suitable for salaried employees, helping them manage their expenses and earn rewards. These cards are designed to meet the needs of working professionals, whether it’s saving on daily expenses, earning rewards on shopping, or enjoying travel benefits. Here are some of the best ICICI Credit Cards for salaried employees.

ICICI Amazon Pay Credit Card: This card is great for salaried individuals who shop on Amazon. You can earn cashback on Amazon purchases and other expenses like dining and fuel.

ICICI Coral Credit Card: This card is ideal for saving on entertainment and dining. It also comes with rewards on everyday spending and access to airport lounges.

ICICI Platinum Chip Credit Card: Perfect for beginners, this card offers reward points on transactions and comes with no annual fee, making it a budget-friendly choice.

ICICI Sapphiro Credit Card: With benefits like travel privileges and rewards on luxury spends, this card is excellent for salaried professionals who enjoy premium services.

Choosing the right ICICI credit card can help salaried employees save money and enjoy additional benefits like reward points, discounts, and exclusive perks.

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NRE Fixed Deposit - Explore ICICI Bank's Non-Resident External Fixed Deposit Account for NRI Services

NRE Recurring Deposit Account - The NRE RD account stands out as an excellent option for NRIs seeking substantial savings through modest monthly investments. Easily transfer funds from your NRE Savings Account to capitalize on this opportunity.