According to a report, ICICI Bank is in talks with Life Insurance CEO Sandeep Bakhshi in order to make changes in its top management. The development came to light after a business daily reported that the current Chief Chanda Kochhar may soon be asked to go on indefinite leave until the Videocon scam investigation closes. The report suggests that the board is to sign off the crucial decision to implement changes soon. At present, Chanda Kochhar is on her planned annual leave, the organisation had said on June 1, 2018.
On a closer look, the bank had denied all the allegation that Kocchar had unlawfully given loans to the Videocon group which was working in collaboration with his husband Deepak Kochhar’s firm named NuPower Renewables. Notably, on May 30, the ICIC Bank also announced that it would also initiate an investigation into the Videocon loan case raised by an anonymous whistleblower against its renowned Chief Executive.
In the past, when the controversy erupted, the organisation’s board fully backed Kochhar and said it has full faith in its employee. The board also called certain reports against its chief as malicious and unfounded rumours. The Board also ensured that they have thoroughly reviewed the bank’s internal process for credit approval and found them robust.
These statements from the bank came after several media houses circulated a report that Chanda Kochhar along with her family members is involved in a loan provided to Videocon group on quid pro quo basis.
According to a report, Kochhar was a member of bank’s credit committee that sanctioned a whopping loan of Rs 3,250 crore to the Videocon Group in the year 2012. Notably, Venugopal Dhoot was the first investors in NuPower Renewables promoted by Deepak Kochhar, Chanda Kochhar’s husband, in 2008.
The lender and Chanda Kochhar have denied any wrongdoing.