Reputation seems to be the first casualty in the allegations against ICICI Bank CEO Chanda Kochhar.
She often features in the list of the most powerful women in the world. As the chief executive of the largest private sector lender in the country, she has been the poster girl for retail banking in India. But, Chanda Kochhar, managing director and CEO of ICICI Bank, is going through the toughest phase of her career, following an allegation of conflict of interest and personal gains.
Though ICICI Bank has strongly backed her, investigative agencies have begun an initial probe into the matter, which was first brought to light by investor Arvind Gupta. In a letter to Prime Minister Narendra Modi in 2016, with copies to the finance ministry, Reserve Bank governor and the Securities and Exchange Board of India and some other agencies, Gupta accused Kochhar of “amassing wrongful personal gains” from loans ICICI Bank gave to Videocon Group in 2012.
Kochhar’s husband, Deepak Kochhar, set up NuPower Renewables, a 50:50 joint venture with Videocon Group chairman Venugopal Dhoot, in 2008. Gupta said the initial subscribers in this company were the Dhoots, Deepak and Pacific Capital Service, which was owned by Neelam Advani (wife of Chanda’s brother) and Virendra Kochhar, Deepak’s father. He alleged that Dhoot later transferred his shares in NuPower to a trust owned by Deepak. Chanda Kochhar was the joint MD of ICICI Bank at that time.
この記事は THE WEEK の April 15, 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は THE WEEK の April 15, 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Stop ruling; start governing
In every election the voters elect a government.
HEALING THE EARTH
Land Restoration for a Drought-Resilient Future
Speak of the nawab
For Heeramandi's male lead, Taha Shah, the road to success was paved with flops
Northern delights
Four Kashmiri fashion labels that want to put the troubled region on the international style map
WOOING THE WAVES
India is developing strategic ports overseas and is exploring new oceanic trade routes to pursue its growing geopolitical objectives
TIPU, SULTAN!
In his first major election after the death of Mulayam Singh Yadav, Akhilesh humbles the BJP and proves he is his own man
A SLEEPER HIT
Naidu’s stunning victory raises questions about the vote-catching power of welfare schemes
SWEEPING LOSS
AAP’s disappointing performance has put a question mark on its relevance in the INDIA bloc
INDEPENDENTS' DAY
The Lok Sabha results in Baramulla and Ladakh reflect a churning among voters
Voters have changed, and we have benefited
In March 2022, Vice President Venkaiah Naidu asked a quirky question to actor-MP Suresh Gopi, who had come to the Rajya Sabha with a distinctive look.