Refuting the allegations of disclosure-related violations in the ICICI Bank-Videocon case, private lender ICICI Bank said that the code of conduct of Securities and Exchange Board of India’s (Sebi) did not mandate the disclosure of investments or transactions concerning firms that are owned by a bank employee’s spouse, Business Standard reported, citing sources.
“The bank’s code of conduct does not require disclosure of investments made by third parties in a company owned by the spouse of a bank executive. Therefore, there was no requirement of disclosure in the part of the former MD and the bank," said the source.
The bank’s representative made the statements during a hearing called by the market regulator on October 16, said people familiar with the matter, adding that all the necessary information that were supposed to be disclosed to the stock exchanges were made by the former managing director (MD) and chief executive officer (CEO) Chanda Kochhar and were taken on record.
The ongoing proceedings by Sebi was in connection with the alleged violation of disclosure norms by Videocon Group and NuPower Renewables, a firm owned by Deepak Kochhar, Chanda Kochhar’s husband.