Foreign direct investment (FDI) norms that classify ICICI Bank as foreign-owned were unlikely to impede the group's expansion plans, said ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
Chanda Kochhar said a large section of youth, mainly underprivileged have little access to training that can increase their employability.
A diligent student, Kochhar was busy collecting gold medals in management studies and cost accountancy when others were wiling away time -- all of which she channelised to get to the top post of India's largest private sector bank ICICI Bank.
Institutional Investor Advisory Services had recommended investors to vote 'against' the proposal, while Stakeholders Empowerment Services asked investors to vote 'for' the proposal.
A Mumbai court on Tuesday rejected a bail plea of businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar and an accused in a money laundering case. He was arrested by the Enforcement Directorate (ED) in September under the Prevention of Money Laundering Act (PMLA) in the alleged ICICI Bank-Videocon money laundering case. Special PMLA judge P P Rajvaidya rejected the `regular' bail application of Deepak Kochhar, filed on merits of the case as against technical grounds.
ICICI Bank has quashed rumours of favouritism, nepotism and quid pro quo. The bank clarified that while Chanda Kochhar was on the credit committee, she was not the chairperson. Videocon Chairman Venugopal Dhoot said there was no impropriety in the deal.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
Chanda Kochhar has said the lender would consider rewarding its employees with bonus, which it skipped last year on account of poor performance.
ICICI Bank, the country's largest private sector lender, has revised allowances paid to its executive directors, including that of its managing director and CEO Chanda Kochhar.
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.
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.
The lawyer of Videocon Group promoter Venugopal Dhoot on Friday argued before the Bombay high court that the industrialist's arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe. The Central Bureau of Investigation (CBI), on the other hand, claimed that he was trying to avoid probe. Dhoot, arrested by the CBI on December 26, 2022, and presently in judicial custody, has moved the high court seeking to quash the First Information Report, and has also sought interim bail.
The Bombay high court granted interim bail to Videocon Group founder Venugopal Dhoot on Friday, nearly a month after he was arrested by the Central Bureau of Investigation (CBI) in the ICICI Bank-Videocon loan fraud case. A division bench of Justices Revati Mohite Dere and P K Chavan granted bail to Dhoot on a surety of Rs one lakh. The court permitted him to furnish cash bail and then deposit the surety amount two weeks thereafter.
The ED is of the opinion that the authority stepped into the shoes of the trial court and commented on the preliminary investigation done by the CBI in the impugned order.
Three Indian-origin women are amongst the Forbes' list of the world's most powerful businesswomen.
The cases under scanner include significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of the Kochhar family in restructuring of that loan.
Amid a growing number of industry leaders expressing anguish over policy paralysis, top banker Chanda Kochhar has said that people are talking more about challenges while taking the positives for granted.
Recent measures by Indian government to push economic reforms have dispelled fears of policy paralysis, while some more steps are needed for reviving investments and ensuring that household savings go into productive sectors, top banker Chanda Kochhar said.
PepsiCo CEO Indra Nooyi and ICICI Bank Managing Director Chanda Kochhar are among Fortune magazine's list of 50 most powerful women in business who are "taking on the world" by pushing into new territories and inspiring women in their home countries.
Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.
ICICI Bank chief Chanda Kochhar has said that the Indian economy would continue to see robust upward momentum in the years to come and the lender was well prepared to leverage from the potential growth opportunities.
The country's largest private sector lender ICICI Bank on Thursday said lending rates will start going up any time now, quite contrary to the SBI chairman's projection that borrowers can breathe easy till Diwali.
Claims that bank's procedures to implement KYC and anti-money laundering regulations have been found to be satisfactory.
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
In his statement to the Enforcement Directorate, Dhoot conceded that Rs 64 crore had been transferred to Deepak Kochhar's NuPower Renewables through a web of entities to allegedly acquire wind farm properties.
"I am complimenting the way in which one is managing finances, given the constraint that we are in", said Kochhar, ICICI Bank CEO and managing director.
She said it is even more important in the changing dynamic world where the business environment also keeps on changing all the time.
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.
How Chanda Kochhar and her husband Deepak Kochhar find themselves in a huge controversy.
While Chanda Kochhar got a pay of Rs 2.66 crore, Arundhati Bhattacharya took home only Rs 28.96 lakh
Located in the banking hub of Singapore's central business district, the branch office is the start of ICICI's retail operations in the country under a 25-branch qualified Full Banking licence given by the Monetary Authority of Singapore in April, Kochhar said.
Videocon group promoter Venugopal Dhoot on Friday appeared before a court in Mumbai in the alleged ICICI Bank-Videocon money laundering case, and was granted bail.
Hinting at easing of borrowing costs for retail and corporate customers, ICICI Bank's new chief Chanda Kochhar has expressed hope that interest rates could fall to single-digit level in the coming months.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
The MD and CEO of ICICI speaks on how life will change and the bank's strategy going forward.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
"We always do not jump to hike in lending rates. We will see the overall impact before taking a call." \n
Sonjoy Chatterjee, executive director (ED) of ICICI Bank, has put in his papers and will soon join US-based investment bank Goldman Sachs in India, according to a person familiar with the development.
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