Alas, Kochhar is NOT kosher

‘I am not surprised that hubris brought Chanda Kochhar down. It would appear that as a person she thought she could do no wrong and as a leader she considered herself above what her company demanded of others in terms of financial probity and honesty. That, my friends, is NOT a good way for a leader to feel,’ says S Muraleedharan, former managing director, BNP Paribas.

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Chanda Kochhar and 'clawback provisions'

‘If she contests it, then these people will have to fight it in court.’

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ICICI Bank board draws flak for giving clean chit to Kochhar

A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar’s misdeed.

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Kochhar says hurt and shocked by her termination, penalties

Interestingly, in March 2018, the same board of ICICI Bank had given a clean chit to Kochhar with full-backing and had said there was no question of favouritism, nepotism or conflicts of interest on her part in granting loans to Videocon Industries or any other company.

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CBI transfers officer probing case against Chanda Kochhar

Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.

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Jaitley targets CBI over Kochhar probe

One of the reasons why conviction rates in India are poor is that “adventurism and megalomania overtakes our investigators and professionalism takes a back seat,” Jaitley said on Twitter.

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‘Chanda Kochhar Got Undue Benefit Through Husband For Sanctioning Loan to Videocon,’ Said CBI: Report

New Delhi: In its probe against former ICICI Bank CEO Chanda Kochhar, the Central Bureau of Investigation (CBI) has reportedly found that she received “illegal gratification” through her husband Deepak Kochhar for giving loans to the Videocon group. (Also read: ICICI Says Top Firm Withdrew Clean Chit Given to Kochhar)

The agency said that being the head of ICICI Bank, Chanda Kochhar approved six loans to Venugopal N Dhoot’s Videocon group between June 2009 and October 2011. One such loan worth Rs 300 crore was given to Videocon International Electronics Ltd (VIEL) in which Kochhars allegedly got the bribe instantly.

In the sanctioning committee which approved this loan, Kochhar was present as one of the members and she conspired to cheat her own bank. She sanctioned the loan on August 26, 2009, three months after she took over as MD-CEO of ICICI Bank. The amount was disbursed into the account of VIEL on September 7 the same year.

CBI says that the next day, Dhoot transferred Rs 64 crore to NuPower Renewables Limited (NRL) managed by Kochhar’s husband Deepak. The agency says it was the first major capital that NRL got.

“Chanda Kochhar got illegal gratification/undue benefit through her husband from VIL/Dhoot for sanctioning Rs 300 crore to VIEL,” the daily quoted the agency as saying.

NRL was incorporated by Deepak, Venugopal Dhoot and Saurabh Dhoot on December 24, 2008, as its first directors. Dhoots resigned from the company in 2009 but before stepping down, Venugopal allotted his 19,97,500 warrants to Deepak at the rate of Rs 10 per warrant. NRL’s controlling company – Supreme Energy Pvt Limited (SEPL) also has a Venugopal connection.

“On January 15, 2009, Dhoot resigned from the director position of SEPL and transferred its control to Deepak Kochhar by selling/transferring his shares to Pinnacle Energy Trust (PET) which is managed by latter,” says the CBI. “This shows that Dhoot knew he was going to get the loan from the bank and this was a favour in advance,” a CBI official.

During its inquiry, CBI had examined Kochhar’s brother-in-law Rajiv, Deepak, and employees of Videocon, NRL and ICICI Bank.

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CBI books Chanda Kochhar in ICICI Bank-Videocon loan case

The agency has also named companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries limited as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of prevention of corruption act.

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Srikrishna panel seeks replies from Chanda Kochhar

The panel is believed to have examined each financial transaction between the Kochhar family and Videocon group, and the suspected trail of properties and assets that the family acquired since Chanda Kochar became ICICI Bank’s MD.

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