Chanda Kochhar gets interim relief from SAT

Mumbai: The Securities Appellate Tribunal (SAT) has provided interim relief to Chanda Kochhar, former CEO of ICICI Bank, against an order by markets regulator Sebi. In an order dated June 14, SAT held that Sebi "acted in haste in fixing a date for hearing without supplying the requisite documents to the appellant (Kochhar)".

This order pertains to a case alleging conflict of interest in respect of approvals of loans by ICICI Bank to the Videocon Group. Sebi issued a show-cause notice to Kochhar on May 23, 2018.

SAT has now directed Kochhar to file a fresh application before Sebi indicating the documents being sought for inspection. It has asked Sebi to either provide the documents sought or pass appropriate order giving reasons as to why they cannot be provided.


"We, however, hold that the respondent (Sebi) acted in haste in fixing a date for hearing without supplying the requisite documents to the appellant. If such documents were not relevant appropriate orders ought to have been passed," said the SAT order.