Not just ICICI Bank, but other banks must also undergo a scrutiny whether this is just a one-off case or there is a pattern in the corporate restructuring or lending (practices), said Arvind Gupta
Arvind Gupta, the informant in the ICICI Bank-Videocon Group debate, needs the legislature and controllers to keep an eye on the loaning practices of the saving money framework.
Gupta, who was the first to feature the issue, with an October 2016 blog titled "Keeping money Sector NPAs from relentless Corporate Cons", revealed to Moneycontrol that he has raised in excess of 12 cases in the past 'which have gone unnoticed by the administration'.
Gupta is organizer and trustee of Indian Investors Protection Council, and as his blog profile proposes, he has a Ph.D in Public Sector Economics.
In the blog, he refered to irreconcilable situation in advances given by ICICI Bank to Videocon Group. According to data from Registrar of Companies, he expresses that Videocon Group's promoter Venugopal Dhoot has association with NuPower Renewables, possessed by Deepak Kochhar, spouse of the bank's CEO Chanda Kochhar.
"Not simply ICICI Bank, but rather different banks should likewise experience an examination whether this is only an irregular case or there is an example in the corporate rebuilding or loaning (rehearses) to the corporate houses who are going down the deplete," said Gupta, an investor of both ICICI Bank and Videocon Industries.
He had sent letters to the Prime Minister's Office, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), the Central Vigilance Commission, the Central Bureau of Investigation, the Serious Fraud Investigation Office, and the Finance Minister's office.
"No controllers or offices, not even the legislature has responded...Neither ICICI Bank nor Videocon Group have reached or made inquiries yet.
Indeed, even as ICICI Bank's Board and Chairman MK Sharma have given a perfect chit to Chanda Kochhar and the media reports driving whole spotlight on the issues, the Enforcement Directorate and Income Tax Department have turned on their focal point towards the case and are presently gathering of applicable records and papers from the RBI and SEBI.
Further, the CBI may likewise call Chanda Kochhar for addressing identified with the anger over the Rs 3,250-crore advances given the Videocon Group.
As indicated by Gupta, it is the privilege and duty of each corporate financial specialist to hail off these issues. "All the data is open, one must test and search out the genuine truth behind these wrong practices of corporate administration… There are numerous inquiries that should be replied."
He additionally said that round-stumbling of assets by Indian organizations and over-invoicing is one of the most seasoned practices in the corporate space.
Gupta says rising corporate cheats is a genuine danger to Indian corporate vote based system and that just tests are required to bring back confidence in the managing an account framework, which has open cash.
"Over the past, as an investor, I have raised over twelve corporate issues which have gone unheard and lost. I will keep on doing my industriousness as an investor," says Gupta, who cases to be presently examining one all the more huge corporate case.