May 25, 2018 / 1:39 PM / 7 months ago

ICICI Bank, Chanda Kochhar receive notice from SEBI over Videocon loans

ICICI Bank's Chief Executive Officer Chanda Kochhar listens to a speaker at a news conference in Mumbai, India March 15, 2018. REUTERS/Francis Mascarenhas

(Reuters) - ICICI Bank Ltd said on Friday the lender and its chief executive, Chanda Kochhar, had received a notice from the Securities and Exchange Board of India (SEBI) seeking responses over alleged non-compliance with certain rules.

The bank said it would respond to the SEBI, adding that the notice received on Thursday was based on information given by the bank and its CEO on earlier queries over their dealings with the Videocon conglomerate.

ICICI, India’s third-biggest lender by assets, is battling allegations that Kochhar allegedly favoured Videocon Group in its lending practices. Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband.

The bank has backed Kochhar, calling the rumours “malicious and unfounded”.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu

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