ICICI has included Rs3.5bn of twenty year preference share in its tier-I capital in FY1998 and H1FY1999 in violation of the Reserve Bank of India (RBI) guidelines on capital adequacy.
Post the publication of this report, erstwhile ICICI under the leadership of K.V. Kamath served legal notices and when this analyst declined to apologise or retract the note, the institution boycotted him for nearly two decades.
