Sebi may soon summon ICICI Bank’s on-leave CEO Chanda Kochhar and her husband Deepak regarding a probe into alleged regulatory lapses in his business dealings, officials said. Some other top executives of the private lender - as also from Videocon, which allegedly benefited due to its association with Deepak - are also likely to be called for personal hearings regarding charges against them. This could lead to the bank and its embattled chief being slapped with millions of rupees in fines and other penal actions, including a ban from markets and directorships. Top officials said the multi-agency probe into ICICI Bank and business dealings of the Kochhars will also be discussed by Sebi’s board. The bank and its CEO have maintained there has been no regulatory violation on their part and that she was not aware of specific business dealings of her husband.
Interpol issues Red Notice against Nirav Modi’s sister
The Interpol has issued a Red Notice against Purvi Modi, sister of absconding billionaire Nirav Modi, in connection with the Punjab National Bank (PNB) fraud case. It is alleged that Purvi helped her brother launder the funds generated through the scam. The transactions, made through some entities in Singapore and Hong Kong, are under the scanner. On the Enforcement Directorate's request, the Interpol had issued a Red Notice against Modi's close confidant Mihir Bhansali, who oversaw his US operations and was also allegedly instrumental in setting up dummy firms for money laundering. Interpol Red Notices have so far been issued against five persons wanted for their involvement in the scam, including Nirav Modi and his brother Neeshal Modi.
Tatas likely to acquire 51% stake in AirAsia
Tata Sons may emerge as the controlling shareholder in AirAsia India by acquiring stakes held by airline’s chairman S Ramadorai and non-executive director R Venkataramanan. The share purchase from the two board members comes at a time when the low-cost airline joint venture is plagued by rule-rigging allegations and senior management exits. Tata Sons, the holding company of the $103-billion Tata Group, is likely to snap up the shares as part of a clean-up and consolidation act. Ramadorai, former TCS CEO, owns 0.5% in the carrier, while Venkataramanan, CEO of Tata Trusts, holds 1.5%. The transaction, when done, will make Tata Sons the largest shareholder of the low-cost airline, increasing its stake from 49% to 51%. The remaining 49% is held by Malaysia’s AirAsia.
2 bank executives questioned
Just days before their retirement, the CBI questioned the former MD & CEOs of two public sector banks, Melwyn Rego and Kishor Kharat of Syndicate Bank and Indian Bank respectively, in connection with its probe into the £60 million fraud involving former Aircel promoter C Sivasankaran. Both Rego and Kharat completed their tenures in Syndicate Bank and Indian Bank respectively a week back. Sources in the agency said that Rego and Kharat were called for questioning few weeks back when they were still heading the two banks and were questioned about the IDBI management’s role in approving loans to Sivasankaran’s companies.
Qatar Airways puts India plans on hold
Qatar Airways will wait for "another 12 months" to decide on setting up an airline in India as it seeks clarity on "ambiguous" foreign ownership norms, its chief Akbar Al Baker said. The comments come less than three months after Al Baker said that the Gulf carrier would soon be moving an application to launch a full-service airline in India for domestic operations. Al Baker, who has been Qatar Airways' Group Chief Executive Officer for over two decades, said that the rule of allowing foreign entity to own up to 100 per cent stake in Indian carriers is not very clear. "What we are given to understand is that a foreign airline cannot own 100 per cent but a foreigner can. I don't know what is the difference between a foreigner and an airline," he said.
