ICICI Bank settles case with Sebi; pays Rs 28.40 lakh
Private sector lender ICICI Bank on Friday settled with markets regulator Sebi a case pertaining to alleged failure against victimisation of the whistle-blower, after paying Rs 28.40 lakh towards settlement charges.
Private sector lender ICICI Bank on Friday settled with markets regulator Sebi a case pertaining to alleged failure against victimisation of the whistle-blower, after paying Rs 28.40 lakh towards settlement charges.
See Zee Business Live TV Streaming Below:
Sebi agreed to settle the case pertaining to alleged violation of LODR (Listing Obligations and Disclosure Requirements) norms, after it was approached by the bank with a plea under the settlement regulations "without admitting or denying the findings of fact and conclusion of law".
"In view of the acceptance of the settlement terms and receipt of settlement charges... The instant adjudication proceedings initiated against the applicant...Are disposed of," Sebi said in a settlement order.
The Securities and Exchange Board of India (Sebi) had received a complaint lodged by Samir Kumar Das, an ex-employee of ICICI Bank, on the SCORES platform. It was alleged that he was victimised by the bank in contravention of the provisions of the whistle-blower mechanism.
The complainant said ICICI Bank offered him to join SMEAG (Small Medium Enterprise And Agri Group) in November 13, 2018, to which he expressed reservations to join considering that they were officials against whom he had blown the whistle, the order mentioned.
However, after reconsideration in view of his transfer to ICICI Foundation, he offered to join SMEAG on November 14, 2018, to which the bank did not accept, thereby allegedly violated the code of conduct and corporate governance by not giving him a suitable environment to work, it added.
The offer provided to him by the bank to join the ICICI Foundation was detrimental to his interests and his banking career, the complainant said.
According to the complainant, ICICI Bank's rights are limited to transferring an employee only to a group company and not to ICICI Foundation.
In its order, Sebi said it conducted examination to ascertain whether ICICI Bank as per vigil mechanism, prescribed under LODR Regulations, provided adequate safeguards against victimisation of the whistle-blower.
During examination by Sebi, the response of ICICI Bank was not found satisfactory and it was observed that the lender failed to provide appropriate protection against victimisation of the complainant who was the whistle-blower against the bank, the order mentioned.
It was alleged that the bank, by its actions, has violated the provisions of the LODR Regulations.
Thereafter, the bank approached Sebi to settle the instant proceedings.
Sebi's high-powered advisory committee considered the settlement terms proposed by the bank and recommended the case for settlement upon payment of Rs 28.40 lakh.
Accordingly, the bank paid the settlement amount after which the Securities and Exchange Board of India (Sebi) disposed of the case.
The story has been taken from a news agency
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
11:32 PM IST