Credit extended to Videocon caused loss of Rs 1,000 cr to ICICI Bank



The credit facilities sanctioned by the ICICI Bank to the Videocon group turned into non-performing assets (NPAs) of more than Rs 1,000 crore, the CBI has claimed in the charge sheet filed against the bank’s former CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon founder Venugopal Dhoot.


The over 10,000 pages-long charge sheet was filed recently before a special court for the Central Bureau of Investigation cases here. The Kochhars and Dhoot are now out on bail. After Chanda Kochhar became MD & CEO of ICICI Bank, from May 1, 2009, six ‘Rupee Term Loans’ (RTLs) were sanctioned to Videocon Group. Between June 2009 to October 2011, RTLs of a total of Rs 1,875 crore were sanctioned to the group by the bank, the charge sheet said. Chanda Kochhar was chairperson of the two-member Committee of Directors which sanctioned RTL of Rs 300 crore in August 2009 to Videocon International Electronics Limited (VIEL). Further, she was a member of the committee of senior managers (recommending committee) as well as credit committee (sanctioning committee) for sanctioning RTL of Rs 750 crore to Videocon Industries Limited (VIL) in October 2011, the CBI charge sheet said. She was a member of the committees which sanctioned various loan limits to Videocon Group even after 2012, it added. “The credit facilities sanctioned by ICICI Bank to Videocon Group turned into NPAs in June 2017, with an outstanding amount of Rs 1,033 crore. Thereby, ICICI Bank had to suffer loss of Rs 1,033 crore plus interest thereupon,” the charge sheet said.


Dhoot, the Kochhars and others “engineered a plan and design in December 2008, after the announcement of appointment of Ms Chanda Kochhar as MD and CEO of ICICI Bank, to get sanctioned loans to the Videocon Group,” it alleged. Chanda Kochhar lived in a flat owned by Videocon Group in Mumbai. Later, the flat was transferred to her family trust (Deepak Kochhar being its managing trustee) for just Rs 11 lakh in October 2016. The actual value of the flat was Rs 5.25 crore, the CBI said.


She accepted “illegal gratification” of Rs 64 crore and also thereby misappropriated the bank’s funds for her own use, the charge sheet said. Deepak Kochhar conspired with others to get sanctioned credit facilities by ICICI Bank in favour of Videocon Group through his wife, to obtain illegal gratification of Rs 64 crore in the garb of investments (in companies controlled by him) through a web of transactions, it said. The other accused named by the CBI are Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited. The First Information Report in the case was registered in 2019 under Indian Penal Code sections related to criminal conspiracy and sections of the Prevention of Corruption Act.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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Pakistan board mulls sending psychologist with team to India for WC 2023


Pakistan Cricket Board, PCB

Pakistan will be playing their World Cup 2023 matches in Hyderabad, Kolkata, Bengaluru, Chennai and Ahmedabad.


Ahead of the ICC World Cup 2023, the Pakistan Cricket Board (PCB) is exploring the possibility of sending a psychologist with the squad to India to cope with the pressures of the high-profile tournament.


However, a final decision in this regard will be taken only after PCB Chairman Zaka Ashraf’s meeting the captain Babar Azam.


Azam is currently playing for Colombo Strikers in the Lanka Premier League (LPL).


Zaka is a big believer that having a psychologist with the players will help them, especially when they are not performing well or feeling external pressures of a tour to India, said a PCB official.


He said the presence of a psychologist is imperative for Pakistan since they are visiting India for the first time since 2016.


When Zaka Ashraf was Chairman (of PCB) he had got a well-known psychologist Maqbool Babri to work with the players and he also went with them to India in 2012/13, said the official.


The official said the Pakistan players had sessions with a sports psychologist before travelling to India for the 2011 World Cup.


Pakistan will be playing their World Cup 2023 matches in Hyderabad, Kolkata, Bengaluru, Chennai and Ahmedabad.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 05 2023 | 10:23 PM IST



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Maruti expected to launch 10 new models in next 8 years: Bhargava



Maruti Suzuki India (MSIL) could have about 28 different models, including six electric vehicles (EVs), in its portfolio by 2030-31 (FY31), its Chairman R C Bhargava said in the company’s annual report.


Currently, India’s largest carmaker sells 18 different models. He said that the Indian car industry is expected to grow at a six per cent annual growth rate till FY31. 


Bhargava noted that the company is starting its third phase of growth called Maruti 3.0. “The challenges before the company are unprecedented. It took us 40 years to create a capacity of 2 million units and SMC (Suzuki Motor Corporation) helped in this process by establishing the Gujarat facility. Your company now has to add the next 2 million in a period of 9 years,” Bhargava stated in the annual report released on Saturday evening.


The task of managing all the issues relating to the production of 4 million units a year requires considerable thought and possible reorganisation of the structure of the company keeping in view the best interests of all shareholders as well as other stakeholders of the company, he noted. “We will, as soon as possible, announce what we are proposing,” he added.


One such step towards reorganisation was taken earlier this week when MSIL announced that it would acquire the Gujarat plant from SMC to enhance its production efficiency. Maruti expects to complete the transaction by March 31, 2024. 


The plant in Hansalpur, Gujarat, was run by Suzuki Motor Gujarat Private Limited (SMG), which is SMC’s subsidiary. SMG has been manufacturing cars such as Baleno, Swift, Dzire and Fronx for Maruti under a contract manufacturing agreement that was signed in 2015. SMC owns about 57 per cent stake in MSIL. 


The consolidated net profit of MSIL more than doubled year-on-year (y-o-y) to Rs 8,211 crore in FY23. “By FY31, your company (MSIL) could have about 28 different models. Clearly the organisation and systems for selling such a large variety of cars will require changes from what exists at present,” Bhargava noted. 


He said that investments needed to double the manufacturing capacity by FY31 will all be done from the “internal resources”. 


While MSIL does not expect the Indian car industry to grow in double digits, like what happened in China in the past, it does expect that a six per cent growth rate will be maintained till FY31, he noted. In FY24, MSIL’s growth rate is expected to be slightly higher than six per cent.


“Along with the rising domestic demand, the prospects for exports are also expected to continue to improve. Our exports rose to 259,000 units last year. We expect the demand for exports to continue to grow and export volumes are projected at 750,000-800,000 cars by FY31,” he mentioned. 


MSIL does not have any EV in its portfolio right now. “The development of EVs is proceeding well at the Gujarat facility. Your company expects to start the sale of the first model in 2024-25. By 2030-31 we expect to have six EV models. These models are expected to comprise 15-20 per cent of our total sales by that time,” he mentioned. SMC had earlier this year stated that MSIL will launch six EVs by FY31.



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Bears great Steve McMichael admitted to ICU with sepsis and pneumonia


Legendary Chicago Bears defensive tackle Steve McMichael was in intensive care Thursday night with sepsis and pneumonia, his wife said Friday in an Instagram post. 

McMichael, a member of the 1985 Super Bowl championship team, has ALS and remained hospitalized on Friday, according to the Chicago Sun-Times. 

Steve McMichael sits on sideline

Defensive lineman Steve McMichael of the Chicago Bears looks on from the sideline during a game against the Dallas Cowboys at Soldier Field Sept. 30, 1984, in Chicago. (George Gojkovich/Getty Images)

“He’s not ever gonna be OK again, but he’s gonna make it,” Misty McMichael told the Sun-Times. “Hopefully till next August.”

JETS’ AARON RODGERS RECEIVES CREDIT FROM ZACH WILSON ON LONG COMPLETION: ‘GREAT CALL’

McMichael played 15 years in the NFL, 13 with the Bears. He was an All-Pro in 1985 and 1987, playing in a Chicago franchise-record 191 games between 1981 and 1993. 

McMichael is one of 12 semifinalists for the Pro Football Hall of Fame’s Class of 2024 via the Seniors Committee. 

Each of the semifinalists played his last game no later than the 1998 season. 

Steve McMichael walks with helmet on head

Defensive lineman Steve McMichael of the Chicago Bears during a game against the Minnesota Vikings at Soldier Field in Chicago. (Jonathan Daniel/Allsport)

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The Seniors Committee will meet Aug. 22 and can select up to three players for final consideration for the Class of 2024. 

“The Hall of Fame would mean everything to him — this is the pinnacle,” Misty McMichael said. “He would really love to get in there. He’s always talked about it.

“He always thought they would do it after he died, but I think that would be the worst thing ever. … Even if you’re not sure you want to put them in there on his stats, how about the sympathy vote? He’s dying and he deserves it.”

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Steve McMichael removed his helmet

Steve McMichael of the Chicago Bears removes his helmet during a game against the Kansas City Chiefs Dec. 30, 1990, in Chicago. (Jonathan Daniel/Getty Images)

McMichael last played in 1994 with the Green Bay Packers, finishing the season with 2½ sacks. 

Following his NFL career, McMichael got into professional wrestling, first in the World Wrestling Federation at WrestleMania XI, then transitioning to a color commentator for World Championship Wrestling before becoming a competitor. 

Fox News’ Scott Thompson and The Associated Press contributed to this report



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Tech Mahindra trains 8,000 employees in artificial intelligence: Official



IT company Tech Mahindra trained 8,000 employees in artificial intelligence as it readies itself to cater to demand around generative AI and quantum computing, a senior company official said on Saturday.


Tech Mahindra global chief people officer and head of marketing Harshvendra Soin said that the company is enhancing focus on BFSI, healthcare, manufacturing and retail sectors in geographies like the USA.


“At Tech Mahindra, as we are increasing our focus across BFSI, healthcare, manufacturing and retail sectors in geographies like the USA, we are investing in quantum computing, cybersecurity and AI. We will also continue to invest in learning development of employees to create a future-proof and resilient talent pool. We have trained and upskilled around 8,000 employees in generative AI and other AI platforms in the June 2023 quarter,” Soin said.


Tech Mahindra recorded a 38 per cent fall in June quarter net profit at Rs 692.5 crore due to a sharp contraction of the profit margins.


The Mahindra group company had reported a net profit of Rs 1,131.6 crore in the corresponding April-June period last year.


The company’s revenues slid to Rs 13,159 crore in the reporting quarter from Rs 13,718 crore in the preceding March quarter, and was only 3.5 per cent up when compared to the year-ago period.


The company’s outgoing Chief Executive Officer and Managing Director C P Gurnani during the earnings call had termed the quarter as one of the toughest he has seen in the last five years, and pointed to reverses in its mainstay of Communications, Media and Entertainment (CME) impacting the overall numbers.


He, however, pegged hope on generative AI, quantum computing and cybersecurity, which will drive growth for the company with 5G connected solutions and networks and experience management to be a key differentiating factor for the company.


“Generative AI, quantum has emerged as the next big thing in the industry, disrupting the way we work, communicate and create content. This swift transition has also triggered substantial shifts in the skills demand, pushing companies to re-skill and upskill employees through various learning tools and platforms,” Soin said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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Election of Ladakh Autonomous Hill Development Council in Kargil on Sept 10



The election to 26 seats of the 30-member Ladakh Autonomous Hill Development Council, Kargil, is scheduled for September 10 and counting of votes will be held four days later, a senior official said on Saturday.


While polls are held for 26 seats of the council, four members with voting rights are nominated by the administration.


Deputy Commissioner Shrikant Suse said EMVs will be used for the voting, assuring people of free and fair polls to constitute the fifth Ladakh Autonomous Hill Development Council (LAHDC), Kargil.


The official said filing of nominations will start on August 16 and will go on till August 23.


Scrutiny of nominations will take place on August 24 and the last date for withdrawal of nominations is August 26, he said.


The National Conference and the Congress have already announced an alliance for polls.


“Two notifications were issued by the election department, Ladakh, to constitute the fifth LAHDC, Kargil. With the issuance of the notification, the model code of conduct has come into effect and detailed instructions will be issued shortly,” Suse told reporters in Kargil.


The deputy commissioner has been nominated as the election authority with the additional deputy commissioner, Kargil, as the election officer to oversee the polls.


Suse said all arrangements are in place to ensure free and fair elections through EVMs which are being used for the polls for the first time.


The election process will be complete by September 20, he said, adding security analysis of all polling stations along with facilities and deployment of staff was done about a fortnight ago.


The existing council headed by National Conference leader Feroz Ahmad Khan is completing its five-year term on October 1.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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To add 2 mn units per annum capacity in 9 yrs, says RC Bgargava



Maruti Suzuki India is kicking off ‘Maruti 3.0’ targeting to add another 20 lakh units production capacity in nine years with about 28 different models in the market by FY31, according to the company’s Chairman R C Bhargava.


As SUV sales continue to gain momentum in India with no prospects of demand for the smaller entry-level car market recovering to the growth rates of the past, the company, known for its small cars, is now restructuring its production facilities to “conform to the realities and what we are projecting for the future”, he said in his address to the company’s shareholders in the Annual Report for 2022-23.


Bhargava also said while the Indian car industry is not expected “to grow in double digits, like what happened in China in the past, we do expect that a 6 per cent growth rate will be maintained till FY 2030-31”.

Highlighting the steps taken by the company to meet future demand, he said, “What is now being planned can be said to be the start of ‘Maruti 3.0’. Our first phase was when we were a public enterprise. The second phase ended with the Covid pandemic, and the Indian car market became the third largest in the world. The challenges before the company are unprecedented.”

He further said, “It took us 40 years to create a capacity of 2 million units and SMC (Suzuki Motor Corporation) helped in this process by establishing the Gujarat facility. Your company now has to add the next 2 million in a period of 9 years.”

Bhargava also hinted at possible structural reorganisation, saying the task of managing all the issues relating to the production of 40 lakh units a year “requires considerable thought and possible reorganisation of the structure of the company keeping in view the best interests of all shareholders as well as other stakeholders of the company. We will, as soon as possible, announce what we are proposing”.


Maruti Suzuki expects the demand for exports to continue to grow and export volumes are projected at 7.5 lakh to 8. lakh cars by FY 2030-31, he said, adding the domestic plus export requirements have made it necessary for the company to add another 20 lakh units manufacturing capacity.


“Work is progressing at the first site in Kharkhoda, Haryana, and it is expected that the first plant of 250,000 capacity will start production in the first half of 2025. Thereafter, one similar plant will be added each year to reach a capacity of one million. At the same time, we are in the process of selecting a second site for adding another one million capacity by FY 2030-31,” Bhargava said.


He, however, said the challenge is not only to produce 40 lakh cars a year and possibly higher volumes in the subsequent years but the company also has to sell this number of cars.


“By FY 2030-31, your company could have about 28 different models. Clearly the organisation and systems for selling such a large variety of cars will require changes from what exists at present,” he said.


At present the company has 18 models sold in the market.


Maruti Suzuki, known for its small cars, is now realigning itself as the demand for these vehicles continue to decline.


“Since there are no prospects of demand for the smaller entry level car market recovering to the growth rates of the past, we are restructuring our production facilities to conform to the realities and what we are projecting for the future,” Bhargava said.


However, he said despite the slowdown in this category hatchbacks and small cars will remain a very important part of the company’s total portfolio.


“The rate of growth of these cars is expected to be less than 2 per cent a year but the industry volume is almost a million cars a year with MSIL having a share of about 70 per cent,” he said, adding the company intends to do whatever is necessary to meet customer needs in this segment in the best possible manner.


Maruti Suzuki has “four very well-accepted SUVs in the market and are on our way to assume leadership in this segment. We will gradually keep increasing our market share that had declined in the last 2-3 years”, Bhargava said.

On the growth prospects of the Indian car market, he said, “While we do not expect the car industry to grow in double digits, like what happened in China in the past, we do expect that a 6 per cent growth rate will be maintained till FY 2030-31.”

In FY 2023-24, Bhargava said, Maruti Suzuki “expects to grow at a slightly higher rate. Along with the rising domestic demand, the prospects for exports are also expected to continue to improve. Our exports rose to 2,59,000 units last year.”

He informed the shareholders that the development of electric vehicles is proceeding well at the Gujarat facility and the company expects to start the sale of the first model in 2024-25.


“By 2030-31 we expect to have six EV models. These models are expected to comprise 15-20 per cent of our total sales by that time,” Bhargava said, adding the conditions in India require that the attainment of carbon neutrality in the transportation sector should be achieved by a mix of technologies that are appropriate to the country’s resource endowment and economic conditions.


He stressed on the usage of hybrid technology, ethanol, compressed biogas and CNG in cars, saying it “will all lead us faster to our goal of reducing the carbon footprint than relying only on any one technology”.


While the company posted record turnover and profits last fiscal, Bhargava said semiconductor shortages still impacted production but to a lesser extent.


“I expect that during the current year, there will be further improvements, though normalcy in supplies will still not be achieved,” he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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Haryana govt failed in ensuring security to people: Hooda on violence


Bhupinder Singh Hooda

Former Haryana chief minister Bhupinder Singh Hooda


Former Haryana chief minister Bhupinder Singh Hooda on Saturday slammed the BJP-JJP government over the violence in Nuh district, accusing it of failing in its responsibility of ensuring security to the people.


He said the Congress will raise the issue in the assembly.


Six people, including two home guards and a cleric, died in the clashes that erupted in Muslim-dominated Nuh when a Vishva Hindu Parishad procession was attacked by mobs on Monday and later spread to Gurugram and its adjoining areas.


“A large number of people have been affected by this violence. Some houses and shops were attacked and people lost their lives. The state’s economy will also be affected due to the breakdown of law and order,” Hooda said.


It is the government’s responsibility to provide security to the people. But the present government has “failed” to do so, the Congress leader said in a party release.


“Why has this situation come up today? The right steps were not taken at the right time to stop the violence despite the local police giving the inputs to the government several days ago. The result of this failure was seen in the form of riots,” he said.


The government’s priority now should be to ensure strict punishment for the culprits and to restore peace and brotherhood, Hooda said.


Haryana authorities on Saturday razed dozens of illegal structures on the third day of the demolition drive in the violence-hit Nuh district, with officials saying some of them were owned by those allegedly involved in the recent clashes.


The number of people arrested has gone up to 216, while 80 people have been taken into preventive detention and 104 FIRs registered so far, according to Haryana Home Minister Anil Vij.


Hooda also hailed the Supreme Court ruling staying the conviction of Rahul Gandhi in a 2019 defamation case over his Modi surname remark.


Gandhi on Friday got a huge relief from the Supreme Court after it stayed his conviction in the defamation case and paved the way for his reinstatement as a Lok Sabha MP.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 05 2023 | 9:44 PM IST



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PM Modi to participate in National Handloom Day celebration on Aug 7



Prime Minister Narendra Modi will on Monday participate in the National Handloom Day celebration at the Bharat Mandapam in Pragati Maidan here, his office said.


This year, the 9th National Handloom Day is being celebrated.


Modi will participate in the National Handloom Day celebration on August 7 at 12 noon at Bharat Mandapam, Pragati Maidan, Delhi, a statement issued by the Prime Minister’s Office said.


The prime minister has always been a firm proponent of giving encouragement and policy support to the artisans and craftsmen, who are keeping alive the country’s rich tradition of artistry and craftsmanship, it said.


Guided by this vision, the government started celebrating National Handloom Day, with the first such celebration being held on August 7, 2015.


The date was specifically chosen as an ode to the Swadeshi Movement which was launched on August 7, 1905, and encouraged indigenous industries and in particular handloom weavers.


During the programme, the prime minister will also launch the e-portal of ‘Bharatiya vastra evam shilp kosh’ a repository of textiles and crafts that has been developed by the National Institute of Fashion Technology (NIFT), the statement said.


The programme will be attended by over 3,000 handloom and khadi weavers, artisans and stakeholders from the textile and MSME sectors.


It will bring together handloom clusters across India, NIFT campuses, Weaver Service Centres, Indian Institute of Handloom Technology campuses, National Handloom Development Corporation, Handloom Export Promotion Council, Khadi and Village Industries Commission (KVIC) institutions and various state handloom departments.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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Shah suggests Odisha to train people to handle chemical, nuclear disasters



Appreciating Odisha government’s skill in handling natural calamities like cyclones and floods, Union Home Minister Amit Shah Saturday suggested to the state administration to train Aapda Mitras and disaster warriors in handling chemical and nuclear disasters.


He advised that the Aapda Mitras and disaster warriors in the state be imparted multi-disaster training in handling chemical and nuclear disasters as they hit without any warning.


The union minister also suggested that home guard volunteers be also trained in disaster response.


Shah made the suggestions here while reviewing the disaster management and left-wing extremism (LWE) situation in Odisha, in which state Chief Minister Naveen Patnaik, the union home secretary and senior officers of the ministry of home affairs and the state government attended the meeting.


Aapda Mitras are trained disaster response volunteers working at the taluka or block level in various states.


Thanking the state government’s initiative in disaster response towards mitigation efforts, Shah said these are in line with Prime Minister Narendra Modi’s vision of making India disaster resilient.


He assured Odisha government to provide all requisite central government support in its mitigation efforts to make Odisha disaster resilient. The union minister appreciated the state’s preparedness, which has made a lot of progress in disaster management after the 1999 super cyclone in which at least 10,000 people died.


Shah said regular funding from the budget head be made for ensuring the maintenance of the multi-purpose cyclone shelters in the state.


He stressed on the adoption of standard operating procedures, appropriate preparedness and mitigation efforts by the state administration to save lives from incidents of lightning, heat waves and forest fires. He also emphasised on focussing on the safety of animals during disasters.


The union home minister thanked Odisha government for its “excellent response” during the train disaster in Balasore and appreciated the efforts of the administration as well as village-level volunteers for it.


Speaking on LWE, Shah suggested the state government invest in infrastructure development in the LWE-affected areas to supplement the efforts of the Central Government.


He assured the state government of the support of central forces to eliminate Left Wing Extremism. He also assured all possible support in strengthening road and communication networks in the affected areas, specially connecting all villages via the internet.


We should address all issues which contribute to the growth of LWE, including the absence of connectivity, education and employment,” Shah said.


The state should also consider earmarking funds for the establishment of PDS shops, construction of roads and provision of electricity in LWE-affected areas, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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