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ICICI Controversy: Now an Avista connection? Just a rumour!

ICICI Bank’s CEO Chanda Kochhar's controversy over the alleged conflict of interest in its loans has reportedly seen many regulators probing the matter. ICICI Bank on its part has denied the probes in an email note sent to the exchanges.

“We confirm that ICICI Bank has not received any communication from the Enforcement Directorate relating to any enquiry into Videocon group as on date,” it said.

The bank further said it was not aware of any information that had not been announced to the exchanges under regulations.

ICICI Bank has been at the receiving end over the last week as news regarding conflict spread widely over the social media. ICICI Bank’s shares plunged over 5 percent in today’s trade closing at Rs 280 crores.

In another rumour doing the rounds on social media, there have been alleged links between ICICI Bank and Avista Advisory Group, run by Rajiv Kochhar, brother of Deepak Kochar,

ICICI Bank has also denied these as rumours. In a note, ICICI Bank said, “ICICI Bank would like to categorically state that it has never engaged Avista Advisory Group for any services at all. Hence there is no question of any business linkage between ICICI Bank and Avista.

ICICI Bank further said that these rumours are being deliberately spread with an ulterior motive to defame the Bank and its top management. “We would urge you not to believe in these wild allegations and also urge you not to spread these rumours further,” said the statement.


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