ICICI Bank drops 2% as bank may face probe over non-disclosures

NEW DELHI: Shares of ICICI Bank fell over 2 per cent in Monday's trade amid reports that probe agencies are examining if ICICI Bank should have declared three companies — Pacific Capital Services; Supreme Energy Private (SEPL) and Pinnacle Energy — as related parties.

These companies were involved in transfers of shareholdings in NuPower Renewables Private Limited (NRPL), a company owned by Deepak Kochhar, husband of Chanda Kochhar, the bank’s CEO, ET reported.

Following the report, the stock fell 2.34 per cent to hit a low of Rs 275.35 on BSE. However, it pared some losses and closed the day 0.85 per cent down at Rs 279.55.


Probe agencies are exploring the possibility that such non-declaration could violate provisions of the Companies Act, 2013. Section 184 of the Act stipulates that every director of a company (both public and private) shall disclose their interest in third parties, ET reported.

In December 2008, Videocon Group chairman Venugopal Dhoot and Deepak Kochhar had set up NuPower Renewables Private Ltd (NRPL). While Dhoot held 50% stake in the company, the remainder was held by Deepak Kochhar and Pacific Capital, a company owned by his father and Chanda Kochhar’s brother’s wife Neelam Advani, the report added.