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ICICI Bank says it has not been informed about US regulator’s inquiry against CEO Chanda Kochhar

The Securities and Exchange Commission in the US is reportedly looking into allegations of conflict of interest against her.

The ICICI Bank on Monday clarified it had not received any official communication regarding the United States markets regulator’s investigation into allegations of impropriety against Chief Executive Officer Chanda Kocchar.

Last week, media reports had said that the the bank, Kochhar and her family members were under the scanner of the US Securities and Exchange Commission. Kochhar is facing allegations of conflict of interest in the Rs 3,250-crore Videocon loan case.

“As a large and internationally active bank with operations and listing of its equity and debt instruments in multiple jurisdictions, the bank is regularly engaged with regulators, including the US SEC, on a range of matters,” ICICI said in a regulatory filing. “However, the bank has so far not received any specific communication from the US SEC in relation to the allegations in respect of the Managing Director and CEO of the bank.”

Questions have been raised over a Rs 3,250-crore loan the bank sanctioned to the Videocon Group in 2012. Videocon Group CEO Venugopal Dhoot allegedly provided crores of rupees to NuPower Renewables, which was founded by Kochhar’s husband, six months after receiving the loan. The loan was part of the Rs 40,000-crore loan that Videocon secured from a consortium of 20 banks.

In March, the Central Bureau of Investigation initiated a preliminary inquiry to determine whether the bank had violated any law in sanctioning the loan.

The board had then backed Kochhar, claiming that “malicious and unfounded rumours” were being spread to “malign the bank”. However, it announced the inquiry on May 30 after an anonymous whistleblower levelled allegations against Kochhar. An “independent and credible person” would conduct the inquiry, the board added in its regulatory filings.

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Following a mountaineer as he reaches the summit of Mount Everest

Accounts from Vikas Dimri’s second attempt reveal the immense fortitude and strength needed to summit the Everest.

Vikas Dimri made a huge attempt last year to climb the Mount Everest. Fate had other plans. Thwarted by unfavourable weather at the last minute, he came so close and yet not close enough to say he was at the top. But that did not deter him. Vikas is back on the Everest trail now, and this time he’s sharing his experiences at every leg of the journey.

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Watch the video below to see actual moments from Vikas’ climb.

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Vikas credits his strength to dedication, exercise and a healthy diet. He credits dietary supplements for helping him sustain himself in the inhuman conditions on Mount Everest. On heights like these where the oxygen supply drops to 1/3rd the levels on the ground, the body requires 3 times the regular blood volume to pump the requisite amount of oxygen. He, thus, doesn’t embark on an expedition without double checking his supplements and uses Livogen as an aid to maintain adequate amounts of iron in his blood.

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This article was produced by the Scroll marketing team on behalf of Livogen and not by the Scroll editorial team.