News digest: ICICI Bank-Videocon case, road projects, SBI results, and more

Under the code of conduct, Chanda Kochhar didn't need to disclose investments in husband's firm, says bank

1. Videocon loan case: ICICI Bank defends ex-CEO Chanda Kochhar before Sebi

Denying allegations of disclosure-related violations in the ICICI Bank-Videocon case, the private sector lender told the Securities and Exchange Board of India (Sebi) that its code of conduct policy did not mandate disclosure of investments or transactions concerning firms that are owned by a bank employee's spouse. Read on...

2. Govt's new rules may bar non-performers from bidding for new road projects

The government is putting in place stringent rules that will effectively bar non-performers from bidding for fresh highway projects. The new engineering, procurement and construction (EPC) document in the works could ensure that the companies that have missed deadlines for their previous projects will not be able to take part in the bidding process for the new ones, unless they complete their existing assignments. Read on...

3.SBI back in black; Q2 net profit at Rs 9.44 bn on higher interest income

State Bank of India (SBI), the country's largest lender, made a profit in the second quarter ended September 2018 after reporting losses in the three previous quarters. Its net profit in the second quarter stood at Rs 9.44 billion on higher net interest income and lower provisions for bad loans. When compared to the same quarter in FY18, however, net profit was down by 40.3 per cent. Read on...

4. Essar Steel operational creditors to move NCLT to seek Rs 50 bn of dues

The stage is set for another round of legal battle, with operational creditors of Essar Steel planning to move the National Company Law Tribunal (NCLT) this week, seeking Rs 49.95-billion dues from the company. The operational creditors include several central- and state-owned government entities. Read on...

5. Vijay Mallya's luxury jet is yet to find home, even after five years

Five years after billionaire liquor-baron Vijay Mallya’s luxury jet was impounded by the government, it is yet to find a home. A Florida-based company that won the auction for the jet is now running from pillar-to-post, unable to take possession of the aircraft despite winning it in a court-monitored auction process. Read on...