ICICI Bank on Tuesday said it has submitted its response to the show cause notice issued by the Securities and Exchange Board of India but has not filed a settlement application.

“We would like to clarify that we have not filed any application for settlement,” the private sector lender said in a regulatory filing.

ICICI Bank and its Managing Director and CEO Chanda Kochhar are under investigation on allegations of corporate misconduct and quid pro quo in giving loans to the Videocon Group in 2012.

SEBI had sent a show cause notice to the bank and Kochhar in May this year. In their separate responses, the two are understood to have maintained that they did not know about the transactions between Videocon Group and NuPower Renewables, which is run by Deepak Kochhar, Kochhar’s husband.

They are also under examination by the Central Bureau of Investigation and income tax authorities while an internal committee of the bank is also examining the allegations against Kochhar. She is also on a leave of absence until the probe is completed.

The shares of ICICI Bank fell 2.07 per cent and closed at ₹318.7 on the BSE.

Related Topics