March 29, 2024 02:49 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi has mastered art of manipulating democracy, hurting Constitution: Mallikarjun Kharge | Mafia-turned-politician Mukhtar Ansari dies of cardiac arrest at 63 | NIA arrests key conspirator in Bengaluru cafe blast case | Actor Govinda returns to politics after 14 years of 'vanvas', joins Eknath Shinde camp | 'To browbeat and bully others is vintage Congress culture': PM posts after 600 lawyers write to CJI
ICICI sacks Chanda Kochar after inquiry finds she violated code of conduct

ICICI sacks Chanda Kochar after inquiry finds she violated code of conduct

India Blooms News Service | @indiablooms | 30 Jan 2019, 03:04 pm

New Delhi, Jan 30 (IBNS): An inquiry has found former ICICI Bank CEO and MD Chanda Kochhar of violating the company's code of conduct and internal policies, the bank said on Wednesday and added it would see her exit as termination of service.

ICICI said in a statement that the inquiry revealed Chanda Kochhar was "in violation of the ICICI bank code of conduct, its framework for dealing with conflict of interest and fiduciary duties and in terms of applicable Indian laws, rules and regulations".

The report accused her of "lack of diligence" concerning ICICI's internal policies, code of conduct and in avoiding conflict of interest. "The bank's processes were rendered ineffective by her approach...," the inquiry said.

Reports said the bank would now seek the return of all bonuses paid to Kochhar over the years.

Last week, the CBI has named former ICICI Bank MD and CEO Chanda Kochhar in the FIR along with her husband Deepak Kochhar and Videocon chief Venigopal Dhoot in a loan irregularity case, media reports said.

The central investigating agency also raided Videocon offices in Mumbai and Aurangabad on Thursday morning.

According to The Indian Express, Dhoot had provided Rs 64 crore to a firm called NuPower Renewables Pvt Ltd that he had set up with Deepak Kochhar and two relatives six months after the Videocon group got Rs 3,250 crore as loan from ICICI Bank in 2012. Rs 2,810 crore of the loan remains unpaid.

ICICI has been embroiled in a controversy over allegations that its former head, Kochhar, had favoured Videocon in the bank’s lending practices. After initially backing Kochhar, the bank had announced to conduct a "comprehensive enquiry" to investigate the charges. Eventually, a multi-agency probe was started.

Kochhar quit the bank in October, 2018 seeking early retirement.

"The Board of Directors of ICICI Bank accepted the request of Chanda Kochhar to seek early retirement from the bank at the earliest. The Board accepted this request with immediate effect," the company had said then.

Kochhar, 56, who had headed ICICI Bank since May 2009, also stepped down from the board of directors of its units at that time.

In June, Kochhar went on an indefinite leave pending an external enquiry against her on allegations of conflict of interest and quid pro quo charges relating to a loan given to Videocon group.

ICICI Bank assured her  that the ongoing probe into allegations of financial impropriety and conflict of interest against her will remain unaffected.  "The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the board said.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
PM Modi in Bhutan 22 Mar 2024, 06:53 pm
PM Modi in Tamil Nadu 28 Feb 2024, 07:07 pm