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Ethics & Compliance: MCA takes action in ICICI – Videocon Loan case

Corporate Governance: The Ministry of Corporate Affairs filed Prosecution complaint against 4 companies of Deepak Kochhar

•    The Ministry of Corporate Affaire (‘MCA’), through the Restrar of Companies (‘ROC’) has filed a Prosecution Complaint against 4 companies of Deepak Kochchar;

•    These companies have been found to have violated more than 20 provisions of the Companies Act, 2013 including Section 447 (Punishment for fraud) & Section 448 (Punishment for false statement) of the Act;

•    The Prosecution Complaint has been filed before a Magistrate Court in Mumbai and shall be heard on 27th June, 2019

•    The ROC’s Prosecution Complaint is the first ever punitive action by an agency probing the Videocon loans.

•    Further, the violators are also being probed by multiple law enforcement agencies including Enforcement Directorate (ED), the Central Bureau of Investigation (CBI) and the Income-Tax.

Compliance Takeaway: Any compromise with the Ethics & Compliance policy means an impending doom for the company. It is essential not only to have an ethics and compliance policy but also enforce its application by having proper checks and balances in place.

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