Chanda Kochhar also said that she was only one among the 31 top executives who were part of credit approval committees that had sanctioned high-value loans to the beleaguered group from 2009 to 2018.
Former managing director and chief executive officer (CEO) of ICICI Bank Chanda Kochhar has reportedly said that that two of the six loans given to the Videocon group were approved before her appointment at the top post. These six loan sanctions are currently under the Enforcement Directorate (ED) investigation for alleged corruption. She also said that she was only one among the 31 top executives who were part of credit approval committees that had sanctioned high-value loans to the beleaguered group from 2009 to 2018.
“.... during the entire period of association of ICICI with Videocon Group, ICICI Bank has earned a high amount of fee and interest till 2016. The loans were standard performing assets till early 2017, which is when the entire exposure of the entire banking system to Videocon was declared NPA,” according to ET which quoted Kochhar statement.
“The FIR also contains the names of the other senior personnel who participated in the committees that sanctioned the said six loans. These senior people are no pushovers and hence the committees would have rejected and not recommended the proposal if it was not as per merits,” she said.
Chanda Kochhar had quit the ICICI Bank after being mired in allegations that she favoured Videocon Group in October 2018. Her husband Deepak Kochhar was arrested by the ED in September this year.
The ED adjudicating authority (AA) concluded in its order, “The senior officials–namely Sandeep Bakshi, K Ramkumar, Sonjoy Chatterjee, N S Kannan, Zarin Daruwala, Rajiv Sabharwal, K V Kamath and Homi Khusrokhan–though known and identified, were neither interrogated for the alleged scheduled offences by CBI nor interrogation, if any, revealed by the CBI or the ED.”
The AA also found Kochhar’s argument valid that a rupee term loan (RTL) of Rs 300 crore had not turned into a bad loan. The investigating agencies examining allegations of quid pro quo and money laundering primarily focussed on this loan.
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