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The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party has levied fresh allegations against <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, calling her a perfect case of the office for profit. This refers to a position that brings some financial gain, or advantage to the office holder, which in this case was Buch's position as a whole-time member of <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, and then post 2022, as the regulatory body's chairperson. In a press conference in New Delhi on Monday, Pawan Khera, Chairman, Media and Publicity Department, Congress, charged Buch of receiving regular income from private lender <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="47860" type="General" weightage="20" keywordseo="ICICI-Prudential" source="Orion">ICICI Prudential</keyword>, India's second largest asset management company, all while being the whole-time member and later Chairperson of the capital markets regulatory body. "She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank," alleged Pawan Khera, at the press briefing. The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, <keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>, and <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> on ESOPs. According to the Congress' allegations, in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential. In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential. In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank. In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential. The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson. Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank. "The person sitting at the top of the regulator is taking salaries from another entity," Khera alleged, adding it was a perfect case of "office for profit". "So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?," Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI. "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," Khera added. The SEBI Chief is yet to react to the charges made by the Congress in Monday's news conference. Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI. Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in "both the obscure offshore entities used in the Admoney siphoning scandal." Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations. In the joint statement released to the media they said, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course." "It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," the statement from Madhabi Buch and her husband Dhaval Buch read.

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

The <keyword id="22639470" type="General" weightage="20" keywordseo="Adani-One-app" source="keywords">Adani One app</keyword>, developed by <keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword> Digital Labs Ltd, was launched in December 2022. The app was primarily launched to provide services for <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords">Adani Group</keyword>’s airport vertical. Users can book flights, check the status of their flights, go shopping for duty-free products and more. Since then, the app has come a long way. For instance, the Adani One app has already integrated bill payment services and also launched a co-branded credit card in collaboration with ICICI Bank. And now, reports are that the <keyword id="20028332" type="General" weightage="20" keywordseo="super-app" source="keywords">super app</keyword> is working to offer loans through its platform. This will be made possible by partnering with digital lending firms and non-banking financial companies (<keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords">NBFCs</keyword>). <h2>Adani One app to provide personal loans?</h2>According to a report in Moneycontrol, the Adani One app will start to offer personal loans through pilot projects in collaboration with digital lending firms and non-banking financial companies (NBFCs). The app has partnered with KrazyBee Services, a subsidiary of KreditBee, to facilitate personal loans ranging from Rs 1,000 to Rs 5 lakh. Adani Digital Labs will act as a lending service provider (LSP) in this partnership. As of the latest report, Adani One achieved a gross merchandise value (GMV) of Rs 750 crore for the financial year ending March 2024 and has a user base of 30 million. The company aims to reach 500 million users by 2030. Adding more services to its super app, therefore, seems to be a step in this direction. The Moneycontrol report also adds that Adani One is also in discussions with other NBFCs and fintech companies to broaden its credit product offerings. The exact commission rates for loans will vary based on agreements with partners. This move is part of Adani Group's broader strategy to enhance its super app, which now includes a range of services beyond its original focus. <h2>What is a Super app?</h2>A Super app often acts as a one-stop solution for various needs. For instance, an app that allows you to buy movie tickets, book flight tickets, make payments etc will be called a super-app. Apart from Adani One, there are various other super apps like Tata Neu, and <keyword id="19957624" type="General" weightage="20" keywordseo="myjio" source="keywords">MyJio</keyword>. Interestingly, KreditBee, which Adani group is reportedly partnering with, is also a lending partner for Tata Neu.

Thinking of getting a personal loan? Adani group might have something for you

<ul><li>Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022</li><li>His lawyer, Sandeep Ladda, had filed this petition in the court days after Chanda and <keyword id="2621036" type="General" weightage="80" keywordseo="deepak-kochhar" source="Orion">Deepak Kochhar</keyword> were granted bail.</li><li>The Kochhars were granted bail on the grounds of "illegal arrest by CBI".</li></ul> <keyword id="6379256" type="General" weightage="80" keywordseo="videocon-group" source="Orion">Videocon Group</keyword> Chairman <keyword id="7025" type="General" weightage="80" keywordseo="venugopal-dhoot" source="Orion">Venugopal Dhoot</keyword> was granted bail by the Bombay High Court on Friday in the alleged loan fraud case related to <keyword id="42456" type="General" weightage="100" keywordseo="icici" source="Orion">ICICI</keyword> Bank. Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022. Venugopal Dhoot's lawyer Sandeep Ladda had filed this petition in the court days after the prime accused, former ICICI CEO <keyword id="45875" type="General" weightage="80" keywordseo="chanda-kochhar" source="Orion">Chanda Kochhar</keyword> and her husband Deepak Kochhar, were granted bail on the grounds of "illegal arrest by CBI". CBI has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to get the ownership of Nupower Renewables Ltd (NRL) and receive ill-gotten money. CBI had registered a preliminary enquiry (PE) against Deepak Kochhar and Dhoot in March 2018 to probe alleged irregularities in the Rs 40,000 crore loan made by a consortium of lenders to the Videocon Group. The agency had registered a case against Chanda, her husband and Venugopal Dhoot, along with their companies viz NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited. During its preliminary enquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe. The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indian-internet-firms-see-ray-of-hope-as-sc-endorses-nclat-order-against-google/articleshow/97157917.cms">Indian internet firms see ray of hope as SC endorses NCLAT order against Google</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/peegate-scandal-disagree-with-findings-say-shankar-mishras-lawyers-after-air-india-ban/articleshow/97160398.cms">Peegate scandal: Disagree with findings say Shankar Mishra's lawyers after Air India ban</a>

Bombay HC grants bail to Venugopal Dhoot in ICICI loan fraud case

A special court here on Thursday rejected <keyword id="6354248" type="General" weightage="50" keywordseo="videocon" source="Orion">Videocon</keyword> founder <keyword id="7025" type="General" weightage="100" keywordseo="Venugopal-Dhoot" source="Orion">Venugopal Dhoot</keyword>'s plea which claimed that his arrest by the Central Bureau of Investigation in the alleged <keyword id="15318655" type="TOPIC" weightage="60" keywordseo="Loan" source="TOPIC" sourcekeytype="real-estate,investopedia" meta.keywordsubtype="null" meta.msid="92702487" meta.seopath="l/loan" meta.entityname="Loan" meta.hostid="153" meta.entityid="loan">loan</keyword> <keyword id="15316801" type="TOPIC" weightage="60" keywordseo="Fraud" source="TOPIC" sourcekeytype="business,investopedia" meta.keywordsubtype="null" meta.msid="92976258" meta.seopath="f/fraud" meta.entityname="Fraud" meta.hostid="153" meta.entityid="fraud">fraud</keyword> involving former <keyword id="6653" type="DOMAIN" weightage="20" keywordseo="icici-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="icici bank" meta.entityname="ICICI Bank Ltd." meta.entityid="9194" meta.seoname="icici-bank-ltd">ICICI Bank</keyword> CEO and MD Chanda Kochhar was illegal. The CBI court also rejected applications of Chanda Kochhar and her husband Deepak Kochhar for home food, beds, mattresses and chairs. The court directed jail authorities to provide them diet food in consultation with the medical officer. The Kochhars were arrested by the CBI on December 23, while <keyword id="18489" type="General" weightage="70" keywordseo="dhoot" source="Orion">Dhoot</keyword> was arrested three days later. All three are currently in judicial custody. Dhoot had challenged his arrest claiming it was illegal and sought immediate release from the case. His lawyer S S Ladda, along with advocate Viral Babar, argued that Dhoot was arrested only because the investigating officer came under pressure after the Kochhar couple's arrest. During the first remand hearing of the Kochhars their lawyer questioned why Dhoot had not been arrested yet, the <keyword id="6379256" type="General" weightage="50" keywordseo="videocon-group" source="Orion">Videocon group</keyword> founder's lawyer pointed out. The Kochhars were afraid that Dhoot might become an approver, advocate Ladda said. The Kocchars' lawyer made sure it was recorded in the remand order that Dhoot had not been arrested, which put pressure on the investigating officer leading to Dhoot's arrest, he claimed. Special Judge M R Purwar, however, didn't find merit in the arguments and rejected Dhoot's plea. The CBI had named Chanda Kochhar, Deepak Kochhar as well as Venugopal Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and <keyword id="744747" type="General" weightage="50" keywordseo="videocon-industries-limited" source="Orion">Videocon Industries Limited</keyword> as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the <keyword id="6364753" type="General" weightage="50" keywordseo="prevention-of-corruption-act" source="Orion">Prevention of Corruption Act</keyword>. The CBI alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank. It further alleged that as a part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/angel-network-we-founder-circle-provides-7-partial-exits-within-two-years-of-operations/articleshow/96762418.cms">Angel network We Founder Circle provides 7 partial exits within two years of operations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/recode-studios-free-lunch-with-make-up-classes-wins-over-shark-tank-judges-but-gets-no-money/articleshow/96759968.cms">Recode Studio's free lunch with make-up classes wins over Shark Tank judges, but gets no money</a>

You Searched For "ICICI Group" and got 6 results

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

ANI

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

PTI

Thinking of getting a personal loan? Adani group might have something for you

Divyanshi Sharma

Bombay HC grants bail to Venugopal Dhoot in ICICI loan fraud case

ANI

ICICI fraud: Special court rejects Dhoot's plea against arrest, Kochhars' demand for home food, bed

PTI

ETFs performed better than actively-managed equity mutual funds in FY23

Bhakti Makwana

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