Videocon Case: Chanda Kochhar's Future at ICICI Bank in Jeopardy Amid Quid Pro Quo Charge
A lookout notice has been issued against Kochhar and her husband by the Central Bureau of Investigation, preventing their exit from the nation.
New Delhi, April 9: Days after whistleblowers levelled quid pro quo charge against the ICICI Bank CEO and MD Chanda Kochhar in the Videocon loan case, her future at the helm of the bank looks in jeopardy as the board is reportedly contemplating over cutting short her tenure.
The division in the board's opinion comes nearly a fortnight after it expressed "absolute confidence" in Kochhar in the aftermath of her role alleged in the Videocon loan case.
A Bloomberg report today, however, claims a section of the board's outside directors have opposed her role as the CEO and MD amid the serious charges levelled against her. If their opinion influences the majority among the 12-member board, Kocchar's current tenure could be cut short way before its scheduled end in March, 2019.
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. The loan was settled in 2012 after the lending entity was transferred to Deepak in lieu of merely Rs 9 lakh.
The settlement came six months before Videocon received a loan of above Rs 3,500 crore from the ICICI Bank. Rs 2810 crore of the amount was declared a non-performing asset last year.
The CBI, along with the Income Tax department has initiated a probe into the case. A look out notice has also been issued against Kochhar and her husband at all airports, which would force the authorities to inform the central agencies if they attempt to board a flight travelling out of the nation.
(The above story first appeared on LatestLY on Apr 09, 2018 05:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).