Microsoft has agreed to pay approximately $3 million to settle its potential civil liability for more than 1,300 apparent sanctions violations involving exporting services or software from the US to Cuba, Iran, Syria, and Russia.

On Thursday, the United States and Microsoft reached a settlement over the tech firm's apparent violations of sanctions and export controls, which it voluntarily disclosed.

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The US Treasury Department said Microsoft's conduct was "non-egregious and voluntarily self-disclosed."

Most of the violations, which occurred between 2012 and 2019, involved blocked Russian entities or persons in the Crimea region of Ukraine.

These occurred because of Microsoft's failure to identify and prevent the use of its products by prohibited parties, the Treasury Department said.

Russia annexed Crimea in 2014 before launching a full-scale invasion of Ukraine in early 2022. As the company takes the bullet for the mishap, it has yet to deal with other complaints.

Also Read | <a href="https://www.wionews.com/india-news/indian-posing-as-fraud-prevention-specialist-dupes-many-us-elderly-gets-33-months-prison-term-579966">Indian posing as fraud prevention specialist dupes many US elderly, gets 33 months prison term</a>

The company has registered its cooperation with the authorities over the probe and was pleased with the settlement.

Microsoft has clarified it, mentioning how they take export control and sanctions compliance very seriously.

After learning about a few employees' screening failures and infractions, it voluntarily disclosed them to the appropriate authorities.

Watch | Rivals Iran and Saudi Arabia hold first high-level talks in seven years

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According to the Treasury Department, the causes of sanctions violations included a lack of complete or accurate information on the identities of the end customers for Microsoft products, as well as shortcomings in Microsoft's restricted-party screening.

However, with the legal compliances, the company is all set to put the fiasco behind the progress in their business.

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Microsoft has agreed to pay approximately $3 million to settle its potential civil liability for more than 1,300 apparent sanctions violations involving exporting services or software from the US to Cuba, Iran, Syria, and Russia.

Microsoft has agreed to pay approximately $3 million to settle its potential civil liability for more than 1,300 apparent sanctions violations involving exporting services or software from the US to Cuba, Iran, Syria, and Russia. On Thursday, the United States and Microsoft reached a settlement over the tech firm's apparent violations of sanctions and export controls, which it voluntarily disclosed. Also Read | King Charles backs research to investigate links between royal family and slavery The US Treasury Department said Microsoft's conduct was "non-egregious and voluntarily self-disclosed." Most of the violations, which occurred between 2012 and 2019, involved blocked Russian entities or persons in the Crimea region of Ukraine. These occurred because of Microsoft's failure to identify and prevent the use of its products by prohibited parties, the Treasury Department said. Russia annexed Crimea in 2014 before launching a full-scale invasion of Ukraine in early 2022. As the company takes the bullet for the mishap, it has yet to deal with other complaints. Also Read | Indian posing as fraud prevention specialist dupes many US elderly, gets 33 months prison term The company has registered its cooperation with the authorities over the probe and was pleased with the settlement. Microsoft has clarified it, mentioning how they take export control and sanctions compliance very seriously. After learning about a few employees' screening failures and infractions, it voluntarily disclosed them to the appropriate authorities. Watch | Rivals Iran and Saudi Arabia hold first high-level talks in seven years × According to the Treasury Department, the causes of sanctions violations included a lack of complete or accurate information on the identities of the end customers for Microsoft products, as well as shortcomings in Microsoft's restricted-party screening. However, with the legal compliances, the company is all set to put the fiasco behind the progress in their business. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Microsoft to pay $3 million settlement over sanctions violations

Honda announced on Thursday that it is recalling 563,000 CR-V sport utility vehicles sold or registered in cold-weather US states due to a potential issue with road salt causing corrosion to the frame.

The issue caused by weather may cause the rear trailing arm to detach. The recall covers CR-V vehicles from the model years 2007 through 2011, sold or registered in 22 US&nbsp;states and the District of Columbia, where road salt is commonly used.

Also Read | <a href="https://www.wionews.com/world/king-charles-backs-research-to-investigate-links-between-royal-family-and-slavery-579975">King Charles backs research to investigate links between royal family and slavery</a>

The company has stated that dealers will inspect and install a support brace or repair the rear frame, as required, free of charge.

In a filing with the National Highway Traffic Safety Administration, Honda indicated that, depending on the extent of any damage, it might offer to repurchase the recalled vehicles.

However, the company said that the recall repair is not yet ready.

Also Read | <a href="https://www.wionews.com/india-news/indian-posing-as-fraud-prevention-specialist-dupes-many-us-elderly-gets-33-months-prison-term-579966">Indian posing as fraud prevention specialist dupes many US elderly, gets 33 months prison term</a>

Although the automaker has received 61 complaints from U.S. customers, it has not received any reports of fatalities or injuries related to the recall.

This is not the first time Honda has faced such an issue with the CR-V. In 2019, the automaker recalled nearly 84,000 CR-V vehicles in Canada for the same issue.

Watch | Rivals Iran and Saudi Arabia hold first high-level talks in seven years

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At that time, Honda believed that the rate of rear frame rust would not affect the structural integrity of the vehicles in the U.S. during their useful life due to the lower usage of unpaved roads and salt.

However, in 2020, the company repurchased a U.S. vehicle after observing rear frame rust and began investigating the issue further.

The CR-V is one of Honda's most popular vehicles in the U.S. and has been one of the automaker's best-selling models for several years. As of 2020, the CR-V had sold more than 5 million units globally since its debut in 1995.

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Honda announced on Thursday that it is recalling 563,000 CR-V sport utility vehicles sold or registered in cold-weather US states due to a potential issue with road salt causing corrosion to the frame.

Honda announced on Thursday that it is recalling 563,000 CR-V sport utility vehicles sold or registered in cold-weather US states due to a potential issue with road salt causing corrosion to the frame. The issue caused by weather may cause the rear trailing arm to detach. The recall covers CR-V vehicles from the model years 2007 through 2011, sold or registered in 22 US states and the District of Columbia, where road salt is commonly used. Also Read | King Charles backs research to investigate links between royal family and slavery The company has stated that dealers will inspect and install a support brace or repair the rear frame, as required, free of charge. In a filing with the National Highway Traffic Safety Administration, Honda indicated that, depending on the extent of any damage, it might offer to repurchase the recalled vehicles. However, the company said that the recall repair is not yet ready. Also Read | Indian posing as fraud prevention specialist dupes many US elderly, gets 33 months prison term Although the automaker has received 61 complaints from U.S. customers, it has not received any reports of fatalities or injuries related to the recall. This is not the first time Honda has faced such an issue with the CR-V. In 2019, the automaker recalled nearly 84,000 CR-V vehicles in Canada for the same issue. Watch | Rivals Iran and Saudi Arabia hold first high-level talks in seven years × At that time, Honda believed that the rate of rear frame rust would not affect the structural integrity of the vehicles in the U.S. during their useful life due to the lower usage of unpaved roads and salt. However, in 2020, the company repurchased a U.S. vehicle after observing rear frame rust and began investigating the issue further. The CR-V is one of Honda's most popular vehicles in the U.S. and has been one of the automaker's best-selling models for several years. As of 2020, the CR-V had sold more than 5 million units globally since its debut in 1995. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

The salty war between Honda and its recalled cars

The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research. U.S. research firm Hindenburg had accused that many of the biggest "public," or non-insider, holders of Adani shares are offshore shell corporations and funds linked to the Indian empire.

ALSO READ | <a href="https://www.wionews.com/business-economy/are-adanis-stocks-a-bargain-or-a-sell-off-risk-560235">Are Adani's stocks a bargain or a sell-off risk?</a>

MSCI said shares held by certain Adani investors should no longer be designated as freely tradable in the public market or "free float". Hindenburg's founder Nathan Anderson tweeted, "we view this as validation of our findings", referring to the MSCI's review.

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After a review of Adani, MSCI just announced: 
 
“characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” 
 
We view this as validation of our findings on offshore stock parking by Adani.
— Nate Anderson (@ClarityToast) <a href="https://twitter.com/ClarityToast/status/1623480596583383040?ref_src=twsrc%5Etfw">February 9, 2023</a></blockquote>
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The Financial Index Provider also cut the weightings of a few Adani firms' stocks in its global investable indices. That pushed the group's stocks to continue their fall on Friday, with losses now topping $110 billion and counting. Analysts expect further selling from active investors before the MSCI's changes on Adani's stocks come into effect on March 1.

In more bad news for the Indian empire, Norway's $1.35 trillion sovereign wealth fund said it had sold its entire stake in Adani group stocks.That adds to the loss of confidence in the business empire to navigate and come out of the current crisis anytime soon. That comes amid increased scrutiny of the group by banks and large financial institutions, apart from regulators and the Indian Federal government.

Ratings agencies have also downgraded Adani firms' bonds to a level just above junk status. The ramifications of the selloff are spreading far and wide.

The Adani crisis has disrupted parliament, and India's main opposition party is pressuring Prime Minister Narendra Modi over his silence on the issue.

A Reuters commentary shows the warning signs of the Adani groups' over $110 billion losses should not surprise anyone.

While Adani's links with international strategic investors offered comfort, the report shows Gautam Adani's latest troubles have only emphasised persistent doubts about the group's meteoric rise in recent years.

Picture this, the value of Adani's firms had jumped seven-fold in three years to $218 billion.

But the latest market rout is only a more pronounced version of a 2021 selloff in Adani stocks. Media reports back then showed shell companies in Mauritius artificially inflated the value of the group's firms. The links to offshore shell companies in tax haven countries to Adani's family members have also been reported previously.

So, the Hindenburg report, or the rout in Adani stocks was hiding in plain sight, showed the Reuters report.

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The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research.

The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research. U.S. research firm Hindenburg had accused that many of the biggest "public," or non-insider, holders of Adani shares are offshore shell corporations and funds linked to the Indian empire. ALSO READ | Are Adani's stocks a bargain or a sell-off risk? MSCI said shares held by certain Adani investors should no longer be designated as freely tradable in the public market or "free float". Hindenburg's founder Nathan Anderson tweeted, "we view this as validation of our findings", referring to the MSCI's review. After a review of Adani, MSCI just announced: “characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” We view this as validation of our findings on offshore stock parking by Adani. — Nate Anderson (@ClarityToast) February 9, 2023 × The Financial Index Provider also cut the weightings of a few Adani firms' stocks in its global investable indices. That pushed the group's stocks to continue their fall on Friday, with losses now topping $110 billion and counting. Analysts expect further selling from active investors before the MSCI's changes on Adani's stocks come into effect on March 1. In more bad news for the Indian empire, Norway's $1.35 trillion sovereign wealth fund said it had sold its entire stake in Adani group stocks.That adds to the loss of confidence in the business empire to navigate and come out of the current crisis anytime soon. That comes amid increased scrutiny of the group by banks and large financial institutions, apart from regulators and the Indian Federal government. Ratings agencies have also downgraded Adani firms' bonds to a level just above junk status. The ramifications of the selloff are spreading far and wide. The Adani crisis has disrupted parliament, and India's main opposition party is pressuring Prime Minister Narendra Modi over his silence on the issue. A Reuters commentary shows the warning signs of the Adani groups' over $110 billion losses should not surprise anyone. While Adani's links with international strategic investors offered comfort, the report shows Gautam Adani's latest troubles have only emphasised persistent doubts about the group's meteoric rise in recent years. Picture this, the value of Adani's firms had jumped seven-fold in three years to $218 billion. But the latest market rout is only a more pronounced version of a 2021 selloff in Adani stocks. Media reports back then showed shell companies in Mauritius artificially inflated the value of the group's firms. The links to offshore shell companies in tax haven countries to Adani's family members have also been reported previously. So, the Hindenburg report, or the rout in Adani stocks was hiding in plain sight, showed the Reuters report. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

MSCI's Adani review draws attention back to a key Hindenburg allegation

Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.The MSCI said it has determined that some of Adani's securities can no longer be designated as "free float", a technical requirement. MSCI defines the "free float" requirement as the number of shares linked to the group freely available in public equity markets for global investors.

ALSO READ | <a href="https://www.wionews.com/business-economy/after-hindenburg-shock-adani-group-to-curb-capital-spending-plans-559168">After Hindenburg shock, Adani Group to curb capital spending plans: Report</a>

Now, markets await MSCI's regular review report on Thursday on some Adani Securities' eligibility in its global indices. In response to the MSCI statement, Hindenburg founder Nathan Anderson tweeted: "we view this as validation of our findings".

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<blockquote class="twitter-tweet">
After a review of Adani, MSCI just announced: 
 
“characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” 
 
We view this as validation of our findings on offshore stock parking by Adani.
— Nate Anderson (@ClarityToast) <a href="https://twitter.com/ClarityToast/status/1623480596583383040?ref_src=twsrc%5Etfw">February 9, 2023</a></blockquote>
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The Gautam Adani-led group is caught in a crisis since US Research firm Hindenburg published a scathing report on January 24 accusing the business empire of improper use of offshore tax havens and stock manipulation. The Adani Group has denied those allegations as baseless.

But the report and its aftermath wiped out $110 billion off Adani's seven main listed stocks. The group's flagship firm, Adani Enterprises, was forced to abandon a $2.5 billion share sale offering.

The group prepaid over $1.1 billion in loans against pledged shares to regain investor confidence and plans to prepay another $500 million. But media reports show that banks had baulked at refinancing those loans and called on the group to cover for the losses in the market value of those pledged shares.

In addition to increased scrutiny after the recent stock rout, a sustainability ratings company has downgraded three Adani firms on ethics concerns after the Hindenburg report. The rating company said, "the increasing financial and reputational risks stemming from the report by Hindenburg research, as well as previous investigations and inquiries into the company's activities, contribute to the negative outlook".

That downgrade is tied to Environmental, Social and Governance (ESG) matters, which can influence whether green fund managers buy or hold the securities.

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Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.

Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.The MSCI said it has determined that some of Adani's securities can no longer be designated as "free float", a technical requirement. MSCI defines the "free float" requirement as the number of shares linked to the group freely available in public equity markets for global investors. ALSO READ | After Hindenburg shock, Adani Group to curb capital spending plans: Report Now, markets await MSCI's regular review report on Thursday on some Adani Securities' eligibility in its global indices. In response to the MSCI statement, Hindenburg founder Nathan Anderson tweeted: "we view this as validation of our findings". After a review of Adani, MSCI just announced: “characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” We view this as validation of our findings on offshore stock parking by Adani. — Nate Anderson (@ClarityToast) February 9, 2023 × The Gautam Adani-led group is caught in a crisis since US Research firm Hindenburg published a scathing report on January 24 accusing the business empire of improper use of offshore tax havens and stock manipulation. The Adani Group has denied those allegations as baseless. But the report and its aftermath wiped out $110 billion off Adani's seven main listed stocks. The group's flagship firm, Adani Enterprises, was forced to abandon a $2.5 billion share sale offering. The group prepaid over $1.1 billion in loans against pledged shares to regain investor confidence and plans to prepay another $500 million. But media reports show that banks had baulked at refinancing those loans and called on the group to cover for the losses in the market value of those pledged shares. In addition to increased scrutiny after the recent stock rout, a sustainability ratings company has downgraded three Adani firms on ethics concerns after the Hindenburg report. The rating company said, "the increasing financial and reputational risks stemming from the report by Hindenburg research, as well as previous investigations and inquiries into the company's activities, contribute to the negative outlook". That downgrade is tied to Environmental, Social and Governance (ESG) matters, which can influence whether green fund managers buy or hold the securities. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Are Adani's stocks a bargain or a sell-off risk?

The Reserve Bank of India (RBI) hiked its key interest rate, the repo rate, by 25 basis points on Wednesday and lowered its growth and inflation projections.

The repo rate is the interest banks pay to borrow from the central bank, and an increase in that rate makes banks raise their lending charges.

The latest is the sixth consecutive rate hike, taking the RBI's key rate to 6.50 per cent.

In all, the RBI has raised the benchmark rate by 2.5 per cent since May last year in its fight against inflation, which stayed above the higher end of the central bank's target of 2-6 per cent&nbsp;in 10 of the 12 months last year.

The central bank had to send a mandatory report to the government explaining why it could not meet its inflation target for most months last year.

What does the RBI rate hike mean?

Indian banks are certain to pass on the latest hike to customers almost immediately, as seen in recent months.

That will make loans costlier and lead to higher equated monthly instalments (EMIs).

All consumer loans have become costlier over the past year.

Indian households continue to be under pressure from mounting interest and rising EMIs even as they struggle to manage their monthly budgets from rising prices of almost everything.

The series of relatively large RBI rate hikes have sparked concerns that the battle against inflation could also risk curbing economic growth.

That view has forced several top institutions, including the RBI, to downgrade their India GDP growth forecasts for 2023-24.

But RBI Governor Shaktikanta Das said the Indian economy remains resilient and is seen as a bright spot in a gloomy world.

He also warned inflation is sticky and likely to remain above the central bank's target of 4 per cent&nbsp;this year, and as such, caution is needed.

Still, slowing growth concerns have driven expectations that the RBI's hands will be forced to pause rate hikes at some point soon.

<a href="https://www.wionews.com/india-news/explained-does-writing-on-indian-rupee-make-it-invalid-heres-a-fact-check-551817">Explained: Does writing on Indian rupee make it invalid? Here's a fact check</a>

A Reuters poll taken before Wednesday's decision showed post the latest hike, India's central bank will pause on interest rates.

But the central bank's tone suggests otherwise, with the RBI Governor opening the door for more hikes.

Like other major central banks, the RBI is waiting for stubbornly high inflation to ease further before it moves away from an aggressive approach.

What is not helping is the reason for the global inflation surge over the past year - the disruptions to global supply chains because of the Russia-Ukraine war.

That war on the edge of Europe shows no signs of abating, and instead, the standoff now seems to be escalating further.

That will keep global central banks on their toes.

(With inputs from agencies)

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The Reserve Bank of India (RBI) hiked its key interest rate, the repo rate, by 25 basis points on Wednesday and lowered its growth and inflation projections. The repo rate is the interest banks pay to borrow from the central bank, and an increase in that rate makes banks raise their lending charges.

The Reserve Bank of India (RBI) hiked its key interest rate, the repo rate, by 25 basis points on Wednesday and lowered its growth and inflation projections. The repo rate is the interest banks pay to borrow from the central bank, and an increase in that rate makes banks raise their lending charges. The latest is the sixth consecutive rate hike, taking the RBI's key rate to 6.50 per cent. In all, the RBI has raised the benchmark rate by 2.5 per cent since May last year in its fight against inflation, which stayed above the higher end of the central bank's target of 2-6 per cent in 10 of the 12 months last year. The central bank had to send a mandatory report to the government explaining why it could not meet its inflation target for most months last year. What does the RBI rate hike mean? Indian banks are certain to pass on the latest hike to customers almost immediately, as seen in recent months. That will make loans costlier and lead to higher equated monthly instalments (EMIs). All consumer loans have become costlier over the past year. Indian households continue to be under pressure from mounting interest and rising EMIs even as they struggle to manage their monthly budgets from rising prices of almost everything. The series of relatively large RBI rate hikes have sparked concerns that the battle against inflation could also risk curbing economic growth. That view has forced several top institutions, including the RBI, to downgrade their India GDP growth forecasts for 2023-24. But RBI Governor Shaktikanta Das said the Indian economy remains resilient and is seen as a bright spot in a gloomy world. He also warned inflation is sticky and likely to remain above the central bank's target of 4 per cent this year, and as such, caution is needed. Still, slowing growth concerns have driven expectations that the RBI's hands will be forced to pause rate hikes at some point soon. Explained: Does writing on Indian rupee make it invalid? Here's a fact check A Reuters poll taken before Wednesday's decision showed post the latest hike, India's central bank will pause on interest rates. But the central bank's tone suggests otherwise, with the RBI Governor opening the door for more hikes. Like other major central banks, the RBI is waiting for stubbornly high inflation to ease further before it moves away from an aggressive approach. What is not helping is the reason for the global inflation surge over the past year - the disruptions to global supply chains because of the Russia-Ukraine war. That war on the edge of Europe shows no signs of abating, and instead, the standoff now seems to be escalating further. That will keep global central banks on their toes. (With inputs from agencies) WATCH WION LIVE HERE:

Loans, EMIs to get costlier after RBI hikes rates for the sixth time in a row

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Chanda Kochhar, the former Chief Executive Officer of ICICI Bank, and her husband, Deepak Kochhar, are set to go free after a huge reprieve from an Indian court on Monday, according to a Reuters report quoting their lawyer.

The High Court of Bombay ruled that the arrests of the Kochhars in connection with an alleged loan fraud case involving the bank and Videocon Group were illegal, according to sources cited by Reuters.&nbsp;

Chanda Kochhar and her husband were arrested by the Central Bureau of Investigation (CBI), the Indian federal investigating agency, last month on possible irregularities of a loan of more than Rs 3,000 crore issued to the Videocon Group.

Also Read|<a href="www.wionews.com/business-economy/goldman-sachs-set-to-cut-3200-jobs-amid-bleak-economic-outlook-reports-suggest-550592">&nbsp;Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest</a>

The CBI also detained Videocon Group Chairman Venugopal Dhoot in connection with the ICICI loan scam case.&nbsp;

The Kochhars had contested the CBI's decision to arrest them on December 23 in connection with an alleged loan fraud case involving the bank and Videocon Group while Chanda Kochhar was in charge of ICICI bank.&nbsp;

They argued in court that their arrest was unlawful since they had been abiding by the agency's rules, which included not meddling with the investigation.

Watch|&nbsp;World Business Watch: Standout product at CES 2023, aromas enter virtual reality

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While that is a relief for the Kocchars, just before their son's January 15 wedding, the high court had made clear last week that the petition was being heard not because of the wedding but rather to look into the compliance issue.&nbsp;

In October 2018, Chanda Kochhar, 59, resigned from her position as CEO and managing director of ICICI Bank due to allegations that she had favoured Videocon Group, a consumer electronics and oil and gas exploration business.&nbsp;

A year later, ICICI said it would label Kochhar's firing as "termination for cause," alleging that she had broken the bank's standards and code of conduct.

(With inputs from agencies)

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Chanda Kochhar, the former Chief Executive Officer of ICICI Bank, and her husband, Deepak Kochhar, are set to go free after a huge reprieve from an Indian court on Monday, according to a Reuters report quoting their lawyer.

Chanda Kochhar, the former Chief Executive Officer of ICICI Bank, and her husband, Deepak Kochhar, are set to go free after a huge reprieve from an Indian court on Monday, according to a Reuters report quoting their lawyer. The High Court of Bombay ruled that the arrests of the Kochhars in connection with an alleged loan fraud case involving the bank and Videocon Group were illegal, according to sources cited by Reuters. Chanda Kochhar and her husband were arrested by the Central Bureau of Investigation (CBI), the Indian federal investigating agency, last month on possible irregularities of a loan of more than Rs 3,000 crore issued to the Videocon Group. Also Read| Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest The CBI also detained Videocon Group Chairman Venugopal Dhoot in connection with the ICICI loan scam case. The Kochhars had contested the CBI's decision to arrest them on December 23 in connection with an alleged loan fraud case involving the bank and Videocon Group while Chanda Kochhar was in charge of ICICI bank. They argued in court that their arrest was unlawful since they had been abiding by the agency's rules, which included not meddling with the investigation. Watch| World Business Watch: Standout product at CES 2023, aromas enter virtual reality While that is a relief for the Kocchars, just before their son's January 15 wedding, the high court had made clear last week that the petition was being heard not because of the wedding but rather to look into the compliance issue. In October 2018, Chanda Kochhar, 59, resigned from her position as CEO and managing director of ICICI Bank due to allegations that she had favoured Videocon Group, a consumer electronics and oil and gas exploration business. A year later, ICICI said it would label Kochhar's firing as "termination for cause," alleging that she had broken the bank's standards and code of conduct. (With inputs from agencies) WATCH WION LIVE HERE

Former ICICI bank chief Chanda Kochhar, husband set to be freed

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Zee News Rajasthan

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Rahul Karunakar

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