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ICICI-Videocon Loan: Srikrishna Panel Report Says Chanda Kochhar Violated Bank's Code of Conduct, Resignation to be Treated as Termination

Team Latestly
Chanda Kochhar has been accused of misusing her position in the company after she allegedly provided a Rs 3,250 crore loan to the Videocon group on quid pro quo basis in 2012.

Mumbai, January 30: The justice BN Srikrishna committee formed to look into the alleged quid-pro-quo on part of ICICI Bank’s former Managing Director and CEO, Chanda Kochhar in the Videocon Ltd. loan case has led that Kochhar violated the bank’s code of conduct. Kochhar’s resignation will now be treated as termination by the bank which will now "revoke all her existing and future entitlements." ICICI Bank-Videocon Scam: CBI in Fix After it Transfers Officer Who Booked Chanda Kochhar and Others.

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A statement by the bank said that, "Chanda Kochhar was in violation of ICICI Bank Code of Conduct, the framework for dealing with conflict of interest and fiduciary duties. Board of Directors has decided to treat separation of Chanda Kochhar from Bank as ‘Termination for Cause’ under Bank’s internal policies." Chanda Kochhar Quits as ICICI Bank MD, CEO; Board Accepts Her Request for Early Retirement.

Former CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were booked by the CBI for alleged cheating and corruption in clearing six loans worth Rs 1,875 crore to the Videocon group during her tenure, officials said Thursday. ICICI Bank-Videocon Scam: CBI Raids Offices of Deepak Kochhar And Venugopal Dhoot in Mumbai in Chanda Kochhar Case.

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After registering an FIR Wednesday night, the Central Bureau of Investigation teams swooped down at four locations - offices of Videocon in Mumbai and Aurangabad, Nupower Renewables and Supreme Energy in Nariman point in Mumbai.

CBI had registered preliminary enquiry against Deepak Kochhar, and Venugopal Dhoot, chairman of Videocon group, to investigate irregularities in the Rs 40,000 crore loan granted by a consortium of lenders. Chanda Kochhar has been accused of misusing her position in the company after she allegedly provided a Rs 3,250 crore loan to the Videocon group on quid pro quo basis in 2012.