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ICICI Bank’s former CEO finds no relief from the supreme court

Ex-CEO of the ICICI, bank the second-largest private bank in the country had moved to the top court seeking reversal of her termination.

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Chanda Kochhar faced another setback as the supreme court today turned down the appeal against Bombay high court’s order. Ex-CEO of ICICI, the second-largest private bank in the country had moved to the top court seeking reversal of her termination.

Earlier this year Bombay high court had dismissed Kochhar’s plea against termination of her services as managing director and CEO of ICICI Bank. Chanda Kochhar had been a part of ICICI before its banking days. A brilliant cost accounting expert, Chanda has been in the Forbes list since 2005.

She is currently facing money laundering charges, CBI had filed an FIR against the previous ICICI Bank CEO and her spouse on January 22, 2019. Supreme court on Tuesday, dismissed the petition against Chanda’s termination as the CEO and managing director of ICICI, and the clawback decision of her bonus of Rs 7.42 crore. “Sorry, we are not inclined to interfere with the high court order,” a bench overseen by Justice Sanjay Kishan Kaul said.

(ED) arrested former ICICI Bank CEO Chanda Kochhar’s husband, Deepak Kochhar in reference to the ICICI Bank Loan case.
Photo Credit: www.theindianwire.com

ICICI Bank loan scandal

According to ED, a loan of Rs 300 crore to the Videocon group in 2009Rs 64 crore was then transferred to a front company co-owned by Dhoot and Chanda Kochhar’s husband.

Videocon’s CEO Dhoot then transferred the ownership to Deepak Kochhar for the total of only 9 lakh rupees. The CBI initiated a probe on the suspicion that videocon’s Dhoot invested money in Deepak Kochhar’s company as a quid pro quo to loans cleared by ICICI Bank.

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ICICI Bank's former CEO Chanda Kochhar
Photo Credit: www.millenniumpost.in

Total of six loans was sanctioned to Videocon group and associates between the period of 2009 and 2011 assessed at Rs 1875 crore. The loans were declared a non-performing asset in 2012, resulting in loss to the ICICI Bank of Rs 1730 crore.

In 2012, ICICI issued a loan of Rs 3250 crore as a part of Rs 40,000 crore consortium loan deal. Rs 2810 crore figure, now an NPA, has not been paid back yet. Deepak Kocchar was arrested by the Enforcement directorate in Sept 2020 and is currently in judicial custody.

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