Former ICICI Bank CEO and MD Chanda Kochhar was granted bail by a special PMLA court in Mumbai on Friday in connection with the ICICI Bank-Videocon money laundering case. The special court for Prevention of Money Laundering Act (PMLA) had on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused in the case after taking cognisance of the Enforcement Directorate's (ED) charge sheet.
The Central Bureau of Investigation has arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said on Friday. The CBI had booked Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group, along with 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 the Prevention of Corruption Act, they said.
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
The board also appointed K V KKamath as the non-executive chairman of ICICI Bank, a role being performed by his mentor Narayan Vaghul, who is scheduled to step down once his term ends in March. Vaghul has been with the ICICI group for 24 years.
The Central Bureau of Investigation on Monday told a special court here that former ICICI Bank CEO and MD Chanda Kochhar misappropriated the lender's funds for personal use. The probe agency, represented by special public prosecutor A Limosin, made this argument while urging the special court to take cognizance of the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar and others in a case pertaining to cheating and irregularities in sanctioning of loans to Videocon Group firms. Chanda Kochhar was MD and CEO of ICICI Bank between May 2009 and January 2019 in which capacity she was entrusted with the Bank's funds, the CBI told court.
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.
The second half of the financial year will be an important milestone for ICICI Bank.
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.
The Central Bureau of Investigation (CBI) on Wednesday told a special court here that it received a sanction from the ICICI Bank's board to prosecute Chanda Kochhar, the former CEO and MD of the bank, in connection with a case of alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The probe agency, represented by special public prosecutor A Limosin, told the court that the board of ICICI Bank in a resolution passed on April 22 this year gave its sanction to the prosecution (against Kochhar), accepting that there seemed to be quid pro-quo.
Most legal experts indicate the former ICICI Bank CEO will take the matter to court. Her contention will be she can't be fired and called guilty without proof.
IBoard defends MD on nepotism charges, quashes allegations; it also reviewed its internal processes and exposure to the Videocon group
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.
The Supreme Court on Monday sought response of former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar on a plea of the CBI challenging the interim bail granted to them by the Bombay high court in a loan fraud case. A bench of Justices Aniruddha Bose and Bela M Trivedi issued notice on the plea of the CBI and sought the response of the couple in three weeks.
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.
ICICI Bank on Friday reshuffled its management as Nachiket Mor, an executive director, decided to quit. The board, at its meeting on Friday, promoted deputy managing director Chanda Kochhar as the joint managing director and chief financial officer (CFO) of the bank. The incumbent Group CFO Vishakha Mulye has been made executive director of the bank's subsidiary, ICICI Lombard General Insurance.
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 ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
The Bombay high court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a loan fraud case, saying their arrest was not in accordance with the provisions of law. A division bench of Justices Revati Mohite Dere and P K Chavan held that the arrest of Kochhars was in violation of Section 41A of the Code of Criminal Procedure (CrPC), which mandates sending notice for appearance before the police officer concerned. The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
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.
A special court in Mumbai on Saturday remanded ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the custody of the Central Bureau of Investigation (CBI) till December 26 in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The Kochhars were arrested by the probe agency on Friday night after a brief questioning session. The CBI has alleged that they were evasive in their response and did not cooperate in the investigation.
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
Sandeep Bakhshi named chief operating officer, who would be handling all the businesses.
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar on Tuesday approached the Bombay high court, calling their arrest by the Central Bureau of Investigation in a loan fraud case illegal. The high court, however, refused to grant an urgent hearing and directed the Kochhars to mention the matter before the regular bench once it resumes after vacation. A lawyer representing the Kocchars said that no prior sanction, as required under the law, was obtained by the CBI before their arrest.
The Kochhars were arrested by the Central Bureau of Investigation (CBI) last Friday. Dhoot was arrested on Monday. The three were produced before special judge S H Gwalani at the end of their earlier remand on Thursday.
It is alleged that during the tenure of Chanda Kochhar, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies, in which in two cases she herself was on the sanctioning committees.
The ICICI board, which consists 12 members, is divided on whether Kochhar should be on leave during the internal enquiry
Veteran banker and former chairman of HDFC Ltd Deepak Parekh has said that ICICI Bank had made an offer to take over mortgage lender HDFC Ltd but it was declined. HDFC Ltd, the parent entity of HDFC Bank, later merged with its banking subsidiary to create the country's biggest private sector lender.
The Supreme Court on Tuesday questioned the CBI over not objecting to repeated extension of the two-week interim bail granted in January this year to former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar in a loan fraud case. A bench of Justices Aniruddha Bose and Bela M Trivedi asked Additional Solicitor General SV Raju, appearing for the CBI, as to why the probe agency did not resist repeated extension of interim bail granted to them by the Bombay high court on January 9. "This order is of January 9 and interim bail was granted for only two weeks. Why have you not resisted? Why are you permitting it to continue for such a long period?
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.
Chanda Kochhar, Managing Director and Chief Executive Officer of ICICI Bank talks about the education system in India and offers advise on how parents can help in the decision making process of a child's career.
RBI Governor Raghuram Rajan's decision to not seek a second term is a "personal one" which everybody should respect, Chanda Kochhar MD & CEO, ICICI Bank said.
Our focus around technology, cost efficiency, persistency and effective distribution channel will continue, says the ICICI Bank MD and CEO.
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar were released from jail on Tuesday morning, a day after the Bombay high court granted them interim bail in a loan fraud case, a police official said. Chanda Kochhar walked out of the Byculla women's prison in Mumbai, while her husband was released from the Arthur Road jail, the official said. The CBI arrested Kochhars on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
As she begins her second term as MD & CEO, Chanda Kochhar wants the bank to grow more than the industry not by taking on more risk but by building a strong base of customers and shunning the pell-mell marketing of credit card and personal loans to newcomers.
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.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.
The CBI on Monday arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said. The 71-year-old Dhoot was arrested from Mumbai, nearly three days after former CEO and MD of the ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI, they said.
A special Central Bureau of Investigation court here on Wednesday extended till December 29 the CBI custody of former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot in connection with a loan fraud case. The probe agency arrested Kochhars last Friday after questioning them briefly. Dhoot was arrested on Monday.
After receiving the award, Chanda Kochhar said, "As I see the list of past recipients of this honour, I feel inspired to be counted as one among them.
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