New Delhi, Jun 16 (PTI) The Securities Appellate Tribunal (SAT) has sent the matter to markets regulator Sebi in a case pertaining to former ICICI Bank chief Chanda Kochhar.

The matter pertains to an amended show-cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice B N. Srikrishna.

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The Srikrishna committee, which was tasked to probe the allegations of quid pro quo transactions in ICICI Bank, submitted its report to the lender in January 2019. The committee, in its report, observed that Kochhar violated bank policies and other rules and regulations.

The board of the bank based on the report had decided to treat her resignation as 'termination for cause' under the bank's internal policies.

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Kochhar, who was managing director and CEO of ICICI Bank, had quit the bank in October 2018.

Dismissing an appeal, SAT, in its order passed on Tuesday, asked Kochhar to file a fresh application with Sebi within two weeks, indicating clarity and precision with regards to documents sought for inspection.

After receiving the application, Sebi will pass an appropriate order either providing inspection and supply of the documents sought for, or pass appropriate order giving reasons as to why Kochhar cannot be provided inspection or provided copy of the documents.

"Such order, if any, shall be passed within 4 weeks from the date of providing an opportunity of hearing. While passing the order the AO will also take into consideration the decision of the Supreme Court in T Takano vs Sebi case," the appellate tribunal said.

The regulator, in May 2018, issued a show-cause notice to her raising allegations of conflict of interest in respect of approvals of loans or credit facilities by the ICICI Bank to the Videocon Group.

Kochhar submitted a detailed response to the show-cause notice in August 2018 and personal hearing was held in November 2018 and thereafter, she submitted its written submissions in December 2018 and the matter thereafter was reserved for orders.

Later in November 2020, an amended show-cause notice was issued to her on the basis of Srikrishna committee report.

It was alleged that the amended show-cause notice was incomplete as it was not accompanied by any enclosures or annexures or exhibits or appendices.

In its order, SAT noted that the amended show-cause notice was based on Justice Srikrisha's report which in turn appears to consider Project Indus Report along with its appendices/annexures/exhibits. "Such report along with appendices/annexures etc. has not been provided to the appellant (Kochhar)".

The contention of the appellant that the Srikrishna report analyses these appendices/annexures/exhibits on the basis of which the conclusion has been drawn.

"Whether these annexures/exhibits/appendices and underlying material etc. are essential or not and whether the analysis of these documents forms the basis of the report is a question which is required to be considered by the AO (Adjudicating Officer). It is not possible nor appropriate for this Tribunal to delve into this arena and hold as to which document is necessary and which document is irrelevant," SAT mentioned.

"We, however, hold that the respondent (Sebi) acted in haste in fixing a date for hearing without supplying the requisite documents to the appellant (Kochhar). If such documents were not relevant, appropriate orders ought to have been passed," it added.

It was alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in Nupower Renewables Private Limited, months after the Videocon group got Rs 3,250 crore as loan from ICICI Bank in 2012.

Nupower was operated by Chanda Kochhar's husband Deepak Kochhar.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)