The regulator during an investigation found that a ‘binding implementation agreement’ was signed between ICICI Bank and Bank of Rajasthan on May 18, 2010 in order to procure cooperation and support of dominant shareholders of Bank of Rajasthan to effect the proposal of its amalgamation with the private lender. The probe revealed that ICICI Bank failed to disclose the information regarding signing of the binding agreement to the stock exchanges in a timely manner.
ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
