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ICICI Bank Board Draws Flak for Giving Clean Chit to Chanda Kochhar
February 01, 2019
The decision of ICICI Board to give a clean chit to former CEO and Managing Director Chanda Kochhar without any investigation has been rebuked by corporate lawyers. They said that the board is at fault and must be prosecuted under the various sections of SEBI Act, RBI, and the whistle-blower policy.
Chanda Kochhar’s controversy stemmed from the incident in which ICICI Bank sanctioned six high-value loans of ₹300 crores to several Videocon Group companies during June 2009 to October 2011 even though it was against the bank’s policy. Kochhar, who was one of the members of the sanctioning committee was identified as a fraudster in the whole process who allegedly tried to cheat the bank.
Photo credit: Ian Muttoo on VisualHunt.com / CC BY-SA
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