News digest: ICICI-Videocon scam, Air India EOIs, bank strike and more

From ICICI-Videocon scam probe, Air India EOIs to bank strike, BS brings you up to date with the latest news

ICICI Bank to probe role of CEO Kochhar
 
Private sector lender ICICI Bank will conduct an independent enquiry into allegations of breach of code of conduct and conflict of interest against Managing Director and Chief Executive Chanda Kochhar after a complaint from an anonymous whistle-blower. This comes soon after the Securities and Exchange Board of India (Sebi) served a notice to the bank and Kochhar.
 
Deadline ends today for Air India EoIs
 

With just a day to go before the deadline, the government has not received any expression of interest (EoI) from potential buyers for a controlling stake in state-owned airline Air India. The last date for submitting EoIs is Thursday.

 
Vedanta allowed to pay Rs 53 bn for Electrosteel
 
The National Company Law Appellate Tribunal  on Wednesday allowed Vedanta to make an upfront payment of Rs 53 billion to lenders for acquiring Electrosteel Steels. A two-member Bench said the payment would be subject to the outcome of the petition filed by Renaissance Steel, challenging Vedanta’s bid. The Bench also clarified if Renaissance Steel wins the case, the Committee of Creditors will have to return the money to Vedanta.
 
NCLAT clears sale of RCom’s assets to Jio
 
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the May 15 order of the National Company Law Tribunal in Mumbai, which had admitted Reliance Communications and two of its subsidiaries for insolvency proceedings. The NCLAT asked the Anil Ambani-led company to pay Ericsson Rs 5.5 billion by September. With the stay on bankruptcy proceedings, RCom can now continue with its asset monetisation scheme .

 
Bank strike hits services, more pain ahead
Branch-level operations, including cheque clearance and cash deposits, took a hit on Wednesday after 1 million bank employees participated on the first day of a two-day nationwide strike called by unions demanding wage hike. While ATM functions were not affected much, about 80 per cent were operational, some digital transactions were hit.
 
HUL, Nestle not sure how to pay profiteering sums
Six months after the National Anti-profiteering Authority (NAA) was set up, companies like Hindustan Unilever and Nestle India are not clear how to transfer ‘profiteering’ amounts that arose after goods and services tax rates were changed in November.