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SAT Grants Relief to ICICI Bank in Chanda Kochhar Videocon Case
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Moneycontrol•09-10-2026, 12:15
SAT Grants Relief to ICICI Bank in Chanda Kochhar Videocon Case
- •The Securities Appellate Tribunal partly allowed ICICI Bank's review plea and set aside its earlier order directing SEBI to give Chanda Kochhar access to the bank's Secretarial Portal.
- •The tribunal ruled that the portal and electronic data were neither in SEBI's possession nor part of the regulatory record, and blanket access could compromise third-party data confidentiality.
- •ICICI Bank argued that it was an aggrieved party not initially involved in the proceedings and that the order threatened to expose sensitive internal information.
- •SAT agreed that Kochhar failed to identify specific documents needed from the portal, classifying the request as an unwarranted fishing enquiry.
- •The remaining portions of the tribunal's previous order regarding other documents remain unchanged.
Key Questions Answered
The Securities Appellate Tribunal partly allowed ICICI Bank's review plea and set aside its earlier order that required SEBI to give Chanda Kochhar access to the bank's Secretarial Portal and server data.
ICICI Bank argued that granting blanket access to its internal portal and servers could compromise confidential third-party data, privileged communications, and unpublished price-sensitive information.
Chanda Kochhar first sought data from the bank's Secretarial Portal and electronic servers through her lawyers in February 2024.
