ICICI Bank to NSE: No material lapse found in Videocon Group controversy

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26 Aug, 2025 12:21

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ICICI Bank on Tuesday told the National Stock Exchange that it had found nothing material to indicate a lapse in the process of giving loans to Videocon Group.

The bank was responding to two queries raised by the exchange.

The largest private lender in the country has been mired in controversy after it was revealed that it lent Rs 3,250 crore to Videocon Group, whose promoter Venugopal Dhoot is reported to have links with Deepak Kochhar, the husband of the bank's CEO Chanda Kochhar.

NSE asked ICICI Bank if the matter had been placed before the audit committee. The bank responded saying: "The Board of directors of the bank, which included all the members of the audit committee, held a meeting on March 28, 2018, reviewed the matter, after which a press release was also issued."

The bank did not provide any details about the internal investigation, as was requested by NSE.

The private lender stated that its board considered all the facts, including the internal review "undertaken in 2016 when those unfounded rumours first originated."

"This review confirmed there was no material finding indicating any lapse," ICICI Bank told the exchange.

On NSE's second query on whether the matter was placed before the whistle blower committee, ICICI Bank made no mention of it, but said that "due process was followed in this process, including the board of the bank meeting on March 28."

It added that all the members of the audit committee of the bank were personally present at this board meeting, and reproduced the same clarification on the conclusions reached by the board, which have been reported to the stock exchanges.

ICICI Bank's stock has taken a beating amid the developing controversy, having fallen by over 11 percent in the last one month and over 2.6 percent in the past week before making a modest recovery on Tuesday.

Read: Full text of the response by ICICI Bank to NSE