#ICICI videocon Loan Case

[todayworldnews2k21]

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…

[theshillongtimes]

SC disposes of CBI’s plea against interim bail to Chanda Kochhar

The Supreme Court on Monday disposed of the special leave petition filed by the CBI against the January 2023 decision of the Bombay High Court granting interim bail to former ICICI Bank chief Chanda Kochhar in the alleged Videocon loan fraud case.

However, a Bench presided over by Justice Bela M Trivedi granted liberty to the central investigative agency to file a fresh appeal against the final decision of the High Court confirming the interim bail granted to the Kochhar couple.

[ias-next-lucknow]

Securities and Exchange Board of India (SEBI)

The Securities and Exchange Board of India (SEBI) recently unveiled a new logo on the occasion of its 35th anniversary.

About SEBI

SEBI has been successful in its functions:

Function: Example of SEBI’s success

Protection of investors’ interests: SEBI has taken action against fraudulent collective investment schemes  to protect investors’ interests e.g., Action against the Sahara group (2013)

Impressive rise: Assets under the management of mutual funds, the total number of dematerialized accounts, dematerialized turnover, the number of derivatives contracts, etc, have all grown exponentially.

The smooth functioning of the securities market: SEBI has introduced online trading platforms and electronic clearing services

Regulation of securities market operations:  SEBI has introduced regulations for insider trading, delisting of securities, and disclosure and investor protection guidelines

Education of investors: SEBI‘s ‘Jan Jagruti Abhiyaan’ to educate investors about the securities market and their rights as investors.

Prohibition of fraudulent and unfair trade practices: SEBI has taken action against market manipulations and price rigging. In 2015, SEBI ordered a probe into suspected rigging of the National Stock Exchange’s (NSE) algo-trading systems and imposed a penalty of Rs 1,000 crore on NSE for its role in the co-location case.

Ensuring compliance by market participants: In 2018, SEBI fined ICICI Bank and its CEO Chanda Kochhar for violating disclosure norms related to a loan given to Videocon Group.

Tackling insider trading: In 2017, SEBI imposed a penalty on Reliance Industries for alleged insider trading in Reliance Petroleum shares in 2007.

Limitations of SEBI

SEBI has certain limitations in terms of its reach, enforcement powers, coordination with other regulatory bodies, resources, and keeping up with changing market dynamics. These limitations can create regulatory gaps and overlaps, leading to delays in the resolution of cases.

Examples

SEBI’s alleged inaction in the Ketan Parekh scam and Satyam scandal

SEBI’s inability to prevent the NSEL scam

Failure of SEBI’s regulations to prevent the misuse of participatory notes (P-notes) by foreign investors

Conclusion:

There is a need for continuous monitoring and improving market intelligence to strengthen enforcement. Also, India’s financial markets are still segmented, and a unified financial regulator may be required to remove overlaps and excluded boundaries.

Read more: https://iasnext.com/securities-and-exchange-board-of-india-sebi-upsc-current-affairs/

[worldspotlightnews]

CBI files chargesheet against Kochhars, Dhoot in loan case - Times of India

MUMBAI: The CBI has submitted a chargesheet against Chanda Kochhar, ex-CEO of ICICI Bank, her husband Deepak Kochhar and VN Dhoot, founder of the Videocon group, in a Rs 3,250 crore loan fraud case. Also named in the chargesheet are 6 others, including companies, and one of Dhoot’s close relatives who allegedly signed documents related to the loan disbursement. Another accused is a chartered…

[new-haryanvi-ragni]

ICICI-Videocon Loan Fraud Case: CBI Chargesheets Against Kochhar, Dhoot

Dhoot resigned from the directorship of SEPL on January 15, 2009, by transferring his shares to Pinnacle Energy Trust managed by Deepak Kochhar. source https://zeenews.india.com/companies/icici-videocon-loan-fraud-case-cbi-chargesheets-against-kochhar-dhoot-2592625.html

[crystoex]

ICICI-Videocon loan fraud case: CBI chargesheets against Kochhar, Dhoot

The Central Bureau of Investigation (CBI) has filed a charge sheet against former ICICI Bank MD and chairman Chanda Kochhar, her husband Deepak Kochhar and Videocon Group Chairman Venugopal Dhoot in connection with the ICICI-Videocon loan case. As of now, the court has not taken cognisance of the matter. The case was first registered on January 22, 2019, against Videocon International Electronics…

[znewstech]

Videocon's Venugopal Dhoot Says His Arrest Was Unwarranted,CBI Says He Was Evading Probe

Videocon’s Venugopal Dhoot Says His Arrest Was Unwarranted,CBI Says He Was Evading Probe

The CBI claimed that Venugopal Shoot was trying to avoid the probe.(File) Mumbai: The lawyer of Videocon Group promoter Venugopal Dhoot today argued before the Bombay High Court that the industrialist’s arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe. The Central Bureau of Investigation (CBI), on the other hand, claimed that he was trying to avoid…

[rickztalk]

Chanda Kochhar, Husband Deepak Kochhar And Videocon Founder Dhoot's CBI Custody Extended Till Dec 29

Chanda Kochhar, Husband Deepak Kochhar And Videocon Founder Dhoot’s CBI Custody Extended Till Dec 29

A special Central Bureau of Investigation court here on Wednesday extended till Dec. 29 the CBI custody of former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot in connection with a loan fraud case. The probe agency arrested Kochhars last Friday after questioning them briefly. Dhoot was arrested on Monday. All the three were produced…

[rnewspost]

‘Illegal arrest’: Chanda Kochhar seeks interim release, vacation bench refuses urgent hearing of plea

‘Illegal arrest’: Chanda Kochhar seeks interim release, vacation bench refuses urgent hearing of plea

Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak moved the Bombay High Court on Tuesday claiming “illegal” arrest by CBI in connection with a case related to alleged irregularities in loans provided to Venugopal Dhoot’s Videocon Group. The Kochhars sought an urgent hearing and interim release but the vacation bench refused an urgent hearing of the plea. The Kochhars stated that…

[apwmagazine]

Who Is Venugopal Dhoot Wife Rama Dhoot? Videocon CEO Arrested For Loan Fraud Case

Who Is Venugopal Dhoot Wife Rama Dhoot? Videocon CEO Arrested For Loan Fraud Case

Venugopal Dhoot is an Indian businessman and people are curious to know more about Venugopal Dhoot Wife. His wealth in 2015 was $1.19 billion, making him the 61st richest Indian, according to Forbes magazine. He is the company’s founder, chairman, and managing director. On December 26, 2022, the CBI detained him in connection with the ICICI Bank Fraud case. Authorities issued a lookout circular…

[gyanujala]

ICICI Bank Loan Fraud Case | ICICI लोन फ्रॉड मामले में CBI की बड़ी कार्रवाई, वीडियोकॉन के पूर्व चेयरमैन वेणुगोपाल धूत को किया गिरफ्तार

ICICI Bank Loan Fraud Case | ICICI लोन फ्रॉड मामले में CBI की बड़ी कार्रवाई, वीडियोकॉन के पूर्व चेयरमैन वेणुगोपाल धूत को किया गिरफ्तार

PHOTO- ANI नई दिल्ली: सेंट्रल ब्यूरो ऑफ इन्वसेटिगेशन (CBI) ने बड़ी कार्रवाई करते हुए ICICI बैंक लोन फ्रॉड (ICICI Bank mortgage fraud) मामले में वीडियोकॉन (Videocon) के पूर्व चेयरमैन वेणुगोपाल धूत (Venugopal Dhoot) को गिरफ्तार कर लिया है। सीबीआई ने पूर्व सीईओ और एमडी चंदा कोचर (Chanda Kochhar) और उनके पति दीपक कोचर (Deepak Kochhar) को गिरफ्तार करने के दो दिन बाद यह कार्रवाई की है। CBI ने ICICI…

[thunderrabby-blog]

CBI arrests Videocon founder Venugopal Dhoot in ICICI Bank loan fraud case

CBI arrests Videocon founder Venugopal Dhoot in ICICI Bank loan fraud case

The CBI on Monday arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said. The 71-year-old Dhoot was arrested from Mumbai, nearly three days after former CEO and MD of the ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI, they said.   The CBI had named the Kochhars and Dhoot, along with companies…

[indiarightnow]

Dhoot admits 'not genuine' financial deals with Kochhars, says ED

Dhoot admits ‘not genuine’ financial deals with Kochhars, says ED

Videocon Group chief and co-accused in the ICICI Bank money laundering case Venugopal Dhoot admitted that his financial dealings with Deepak Kochhar’s companies were “not genuine”. In his statement to the Enforcement Directorate (ED), Dhoot conceded that Rs 64 crore had been transferred to Deepak Kochhar’s NuPower Renewables (NRPL) through a web of entities to allegedly acquire wind farm…

[monicasharmalove]

ICICI-Videocon case: Chanda Kochhar, husband appear before ED again

Company News

Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar on Tuesday again appeared before the Enforcement Directorate here in connection with an alleged bank loan fraud andm oney laundering case registered against them.

They were questioned by the agency on Monday for over eight hours. This was the first time they were grilled in Delhi.

They have been questioned by the agency in Mumbai in March.

The couple arrived at the Enforcement Directorate's headquarters in Khan Market here around their scheduled appearance time of 11:30 am, official sources said.

While it was not immediately known as to what was the ED's line of questioning on Monday, sources said the two were questioned about their personal and official dealings with the Videocon group.

Their statement was recorded under the Prevention of Money LaunderingAct (PMLA) by the investigating officer of the case, they said.

The Kochhars were supposed to depose before the agency early this month but they had then sought an extension of time and were allowed, they said.

Chanda Kochhar's brother-in-law and Deepak's brother, Rajiv Kochhar, has also been grilled by the ED multiple times in the case a few days ago here.Rajiv Kochhar has been questioned by the CBI in the same case in the past as well.

He is the founder of Singapore-based Avista Advisory and was questioned by the CBI about his company's role in the restructuring of the loan, the sources said.

[new-haryanvi-ragni]

ICICI-Videocon Loan Fraud Case: CBI Chargesheets Against Kochhar, Dhoot

Dhoot resigned from the directorship of SEPL on January 15, 2009, by transferring his shares to Pinnacle Energy Trust managed by Deepak Kochhar. source https://zeenews.india.com/companies/icici-videocon-loan-fraud-case-cbi-chargesheets-against-kochhar-dhoot-2592625.html

[znewstech]

ICICI case: Videocon's Dhoot says his arrest was unnecessary; CBI says he was evading probe

ICICI case: Videocon’s Dhoot says his arrest was unnecessary; CBI says he was evading probe

MUMBAI: The lawyer of Videocon Group promoter Venugopal Dhoot on Friday argued before the Bombay High Court that the industrialist’s arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe. The Central Bureau of Investigation (CBI), on the other hand, claimed that he was trying to avoid probe. Dhoot, arrested by the CBI on December 26, 2022, and presently in…