TIL Desk/Business/Mumbai/ ICICI Bank and its managing director and chief executive officer, Chanda Kochhar, have sought more time to respond to a show-cause notice served by the Securities and Exchange Board of India (Sebi). According to sources, they have written to the regulator, requesting it to share documents on the basis of which the notice was served.
The deadline to respond to the notice was Thursday.“Sebi issued a 12-page show-cause notice to ICICI Bank and Chanda Kochhar on May 23. The notice, however, did not have adequate documents to support the allegations. Before filing an appropriate reply, evidence of alleged contravention of securities laws needs to be examined by the recipients,” said a person privy to the development.
ICICI Bank refused to comment on the issue. The regulator in its notice alleged violations of the code of conduct because Chanda Kochhar reportedly had not disclosed the conflict of interest arising out of business dealings among ICICI Bank, Videocon and NuPower Renewables, led by her husband, Deepak Kochhar. All listed companies and their key managerial staff are required to follow a code of conduct and should also comply with all securities norms.
