Chanda Kochchar, CEO, ICICI Bank has been in the midst of severe controversy since a long time over allegations of disbursing loans to Videocon because its chairman Venugopal Dhoot had dealings with NuPower, a company founded by Kochhar’s husband, Deepak Kochhar. According to recent reports, M. Damodaran, a former chairman of Securities and Exchange Board of India (SEBI) has said, "The bank should have sent its chief executive, Kochhar, on leave and got a probe done from an external agency.

According to a report on ET, Damodaran had criticised the bank's board for not responding to the allegations in a way that could inspire confidence in investors and customers. Damodaran is of the opinion that it is not right for Kochhar to head the bank, since a criminal investigation is on her.

Damodaran an interview with ET Now has stressed on the fact that it is very important for Kochhar to either step down on her own or take a break for few months, so that an external agency can look into the matter properly. Recently, there were reports that the year-end-bonus for top bank officials, including Kochhar will be delayed by Reserve Bank of India. ICICI Bank Board had earlier stood by Kochhar and urged people not to spread rumours on Videocon loan.

(The above story first appeared on LatestLY on Apr 13, 2018 11:32 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).