The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
The central bank filed an affidavit in response to a petition filed by Kochhar last month, challenging her ouster as the chief executive and managing director of ICICI Bank months after she voluntarily left the private sector lender. The bank, while terminating her employment, also denied her remuneration and rescinded the bonuses and stock options given to her from April 2009 to March 2018. She was accused of playing a role in grant of out-of-turn loans of Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
Ranjan was nominated to the board of ICICI Bank on April 7
The Bombay high court on Thursday dismissed a petition filed by Chanda Kochhar against her termination as the managing director and chief executive officer of ICICI Bank A division bench of Justices N M Jamdar and M S Karnik accepted the bank's contention that Kochhar's petition was not maintainable as the dispute was contractual and concerns a private body.
The CBI later clarified that Rajiv Kochhar was only called for questioning and has not been apprehended yet.
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.
NuPower will return loan with interest to consumer durables major by 2021
Kochhar retires by rotation, and being eligible, has offered herself for reappointment as director, said the broking arm in a notice for its Annual General Meeting to be held on August 30
The RBI, according to the source, wants details on the procedure followed for credit appraisal by the bank while giving loans to Videocon.
Its registration is unusual because the firm appears twice in the RoC database, but different identification numbers.
The regulator will now call Chanda and ICICI Bank's representatives for a personal hearing as part of adjudication proceedings launched against them.
This was the companies' highest loss in two years.
Rajiv Kochhar, who was asked to appear at the CBI office in Mumbai, was examined about the loan and his links with Venugopal Dhoot, the promoter of the Videocon Group, and Videocon.
'... not even a moral one, let alone a legal one.' 'Even if it is assumed that Deepak Kochhar tried to influence his wife into doing something dodgy for his 'social acquaintance', why would she do it?' 'By all accounts she has been granted share options in ICICI Bank of a very substantial amount which easily makes her a multi billion-pati.' 'She did not become CEO against some stiff competition by being stupid and concocting devious cock-and-bull renewable energy stories.' S Murlidharan, former managing director, BNP Paribas, unravels the Deepak Kochhar-Videocon controversy.
Kochhar's counsel argued that according to Section 35B (b) of the Banking Regulation Act, prior approval of the RBI is required to terminate the contract of a bank's chairman or managing director. But in this case, the RBI approval came after the termination letter was served.
She received nearly 97.7 per cent of the votes in favour of her re-appointment, while nearly 2.32 per cent votes were cast against her
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.
Chanda Kochhar, the high-profile ex-banker had on November 30 moved the Bombay high court challenging "termination" of her employment by ICICI Bank which also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar. A division Bench of justices Ranjit More and SP Tavade allowed her to implead RBI and directed the apex bank to file its reply by December 16.
The FIR also said chairman of New Development Bank K V Kamath, Goldman Sachs India chairman Sonjoy Chatterjee, Standard Chartered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusrokhan need to be investigated.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
Kochhar has been issued a showcause notice by the regulator for alleged violation of the code of conduct.
Moreover, all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits will be revoked.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.
In addition, he will have to move swiftly to control any damage that may have been caused to the bank's image and investor confidence due to the loan controversy
Until June 2018, the ICICI Bank board had given a clean chit to Kochhar with full backing and had said there was no question of favouritism, nepotism or conflict of interest on her part in granting loans to Videocon Industries or any other company. However, the stance changed soon after the regulatory and probe agencies initiated enquiry in the matter.
The bank board had decided to launch an enquiry to be headed by an "independent and credible person", to examine and enquire into an anonymous whistle blower complaint alleging that the bank MD & CEO had not adhered to code of conduct
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.
'We focused on de-risking our balance sheet but we are very clear that the steps we have taken over the past few years, about changing the proportion of the loan mix, improving the ratings of the incremental portfolio, and reducing the concentration risks have now created a strong position that will allow us to attain growth with stability.'
The ICICI board, which consists 12 members, is divided on whether Kochhar should be on leave during the internal enquiry
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.
'It's still very early. I have just been handed over the matter and therefore I haven't formed any views on it as yet,' Justice B N Srikrishna tells Pavan Lall.
Regulators and investigators around the world have access to sophisticated tools making it possible to detect white collar crimes. This is where Indian investigators and regulators have been found wanting, says Sudipto Dey.
'She was either overconfident that nothing will happen to her or she underestimated the gravity of the allegations.'
Blind spots of the company were two-fold - managing cash flow and investments to upgrade technology and continue research and development.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
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