ICICI Bank CEO Chanda Kochhar resigns

NP News Network

Mumbai

Chanda Kochhar, Chief Executive Officer (CEO) and Managing Director (MD) of ICICI Bank (Industrial Credit and Investment Corporation of India) has given resignation from her post. Now, Kochhar is free from all responsibilities such has been expressed by Bank Board.

Chanda Kochhar had given a huge amount of loan to the Videocon group which is her husband’s company . Now, an investigation is going on in the Videocon loan case against her. Kochhar was on the leave. She resigned from her post before completion of her time period as her term was to get over on March 29, 2019. After her resignation, ICICI Bank’s stock rose sharply.

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Sandeep Bakhshi already appointed as a new CEO and MD by Bank Board, as he handled all the work in absence of Kochhar. So, he have to handle all the responsibilities for upcoming five years until October 3, 2013. Chanda Kochhar’s investigation will not affect the work of new CEO, said the Bank Board.

Total 20 Banks had given a loan to Videocon group of Venugopal Dhoot, in which ICICI Bank’s share was 10 percent. But Dhoot opened the company named as ‘New Power Renewables’ with the help of Chanda Kochhar’s husband Deepak Kochhar through the loan received by ICICI bank.

In New Power Renewable company, Deepak had 50 percent stake. Shareholder Arvind Gupta wrote a letter to the Prime Minister Narendra Modi regarding this matter by calling it direct corruption.

The Managing Director of Videocon, Venugopal Dhoot and ICICI bank CEO Chanda Kochhar’s husband Deepak Kochhar along with his two relatives had opened a company in December 2008. ICICI bank had given a loan of Rs. 64 crores and within very few days of time Deepak Kochhar became the owner of company in only Rs. 9 lakhs.

Inquiry by retired Judge of SC :

The retired judge of Supreme Court BN Krishna will inquire on Kochhar’s allegations. Under the leadership of Justice BN Krishna, ICICI Board has decided to make an independent inquiry into the Videocon loan case. BN Krishna is a well-known economist. So, it is expected that he will investigate this matter properly.

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