ICICI Bank

Barring the ICICI Prudential Life Insurance scrip which opened positive, the shares of other listed life insurers were in red for a second consecutive day. The shares of ICICI Prudential that closed at Rs 402.55 on Wednesday opened at Rs 396.95 and went up to Rs 410.61 and changed hands for Rs 407.

SIBs are those financial institutions which are too big to fail. "SBI, ICICI Bank and HDFC Bank continue to be identified as domestic systemically important banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs," an RBI circular issued on Monday said. RBI had announced SBI and ICICI Bank as D-SIBs in 2015 and 2016.

While the Kochhars were nabbed on Friday, Venugopal Dhoot was arrested by the CBI on Monday in connection with a loan fraud case. They were produced before the special CBI court by the Central Bureau of Investigation (CBI) after their custody ended on Wednesday.

Though starting in a small way in Aurangabad, initial quick successes, certain right business decisions, quick wealth flowing in led to an 'intoxication' coupled with ambitions and greed, that led to the collapse of the Group, all in less than four decades. The paterfamilias, the venerable Nandlal Madhavlal Dhoot had a largely agriculture background, plus an Indian scooters dealership, and then he launched the modest consumer electronics company, Videocon Industries Ltd. in 1984.

The CBI had filed an FIR in the matter on January 22, 2019 while preliminary enquiry (PE) was initiated on December 8, 2017. Initially, the PE took two years to reach a conclusion that a loan fraud of Rs 3,250 crore was made. Two years after the PE, the CBI finally deemeed it fit to lodge an FIR against the accused persons. However, no action was taken after that.

The RTI of July 2019 shows the time-period of the SCNs and penalties to the banks - from April 2017 - to the State Bank of India, Deutsche Bank, ICICI Bank, Yes Bank, Axis Bank, IDBI Bank, Indusind Bank, Jammu & Kashmir Bank, Karur Vysya Bank, South Indian Bank.

The Kochhars and Dhoot, who were arrested on Saturday and Monday respectively, are currently in CBI custody till December 28 (Wednesday).

Dhoot was arrested by the CBI from Mumbai on Monday whereas the Kochhars were already in its custody. The federal probe agency has now got the three days custody of the accused, and will confront them with each other to make a water-tight case. The CBI has alleged that Dhoot didn't dislose the full facts to them and hence, he needed to be confronted with Kochhars.

Dhoot was placed under arrest following the questioning of Kochhars. His arrest was made in Mumbai.

According to information, the probe agency initiated the preliminary enquiry on December 8, 2017 into the matter, involving bank officials and the Videocon Group. "It was alleged that the ICICI Bank sanctioned credit facilities of about Rs 3,250 crore to Trend Electronics Ltd, Century Appliances Ltd, Kail Ltd, Value Industries Ltd and Evan Fraser & Co India Ltd, all companies belonging to Videocon Group promoted by Venugopal Dhoot.