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Videocon loan case: ICICI Bank board divided over keeping Chanda Kochhar, claims report

It is also to be noted that that not just long ago, when the entire controversy came in public, the ICICI board expressed its full faith in Chanda Kochhar.

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The shadow of Videocon loan case has been casted over Chanda Kochhar's appointment as Chief Executive Officer of ICICI Bank. The ICICI bank board has been reportedly divided over whether to ask Chanda Kochhar to step down as CBI probes her own role, her husband's and brother-in-law allegedly involvement over loans made to Videocon group. 

According to an NDTV report, there are some outside directors who are of view that Chanda Kochhar should not be allowed to countinue her role as ICICI's MD and CEO. 

It is also to be noted that that not just long ago, when the entire controversy came in public, the ICICI board expressed its full faith in Chanda Kochhar. 

The board said that it has full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as "malicious and unfounded rumours".

ICICI Bank board also reviewed the bank's internal processes for credit approval and found them robust, the private sector lender said in a regulatory filing. 

The statement came after certain reports appeared on a website alleging involvement of Chanda Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis. It was also pointed out that a complaint had been forwarded to Prime Minister Narendra Modi and others for necessary action against Chanda Kochhar.

"The board has come to the conclusion that there is no question of any quid pro quo/ nepotism/ conflict of interest as is being alleged in various rumours. "The Board has full confidence and reposes full faith in the Bank's MD and CEO Ms. Chanda Kochhar," the bank said. It also said that rumours are being spread to malign the bank and its top management. With regard to the exposure to the Videocon group, it said the bank's current exposure is a part of the syndicated consortium arrangement.

"ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012," it added. 

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