Chanda Kochhar Quits as ICICI Bank MD, CEO; Board Accepts Her Request for Early Retirement
The Videocon case first came to light on March 23, after reports said Kochhar's husband Deepak Kochhar received a loan of Rs 64 crore from an entity owned by Videocon promoter Venugopal Dhoot.
Mumbai, October 4: In a sudden development Chanda Kochhar quits as ICICI Bank MD & CEO. The Board has accepted Kochhar's request for early retirement. Sandeep Bakhshi will succeed Kochhar, whom the bank has appointed for a term of five years. According to reports, the enquiry proceedings initiated by the bank will remain unaffected. Kochhar had joined ICICI Bank in 1984 as a management trainee. ICICI Bank Appoints Sandeep Bakhshi As COO, Chanda Kochhar on Leave Till the Completion of Videocon Loan Case Enquiry Not Over.
In June, ICICI Bank group has reshuffled its top management, and appointed its Life Insurance Venture’s CEO Sandeep Bakhshi as the interim chief at ICICI Bank. In April, the Income Tax Department had issued a notice to Deepak Kochhar, husband of Chanda Kochhar, in connection with its tax evasion probe in the Videocon bank loan case, officials had said.
The Videocon case first came to light on March 23, after reports said Deepak Kochhar received a loan of Rs 64 crore from an entity owned by Videocon promoter Venugopal Dhoot. The loan was settled in 2012 after the lending entity was transferred in the name of Chanda Kochhar's husband Deepak Kochhar in lieu of merely Rs 9 lakh. Then, the settlement came just six months before Videocon received a loan of above Rs 3,500 crore from the ICICI Bank. Out of the Rs Rs 3,500 crore loan, Rs 2810 crore of the amount was declared as a non-performing asset in the year 2017, which raises suspicion.
(The above story first appeared on LatestLY on Oct 04, 2018 02:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).