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Clues by NC Team • 30 Jan 2019, Wednesday

The independent panel headed by Justice BN Srikrishna has found ICICI Bank former head, Chanda Kochhar guilty of violating the bank’s code of conduct. After a due consideration of the enquiry report, the ICICI Bank board has also decided to treat the separation of Kochhar from the bank as 'Termination of cause', which implies the revocation of all her existing and future entitlements such as any unpaid amounts, unpaid bonuses, and medical benefits. The board has also decided to take back all bonuses paid to her from April 2009 until March 2018. 

Read More at Business Today
Clues by NC Team • 30 Jan 2019, Wednesday

Chanda Kochhar said she is "disappointed, hurt and shocked" by ICICI Bank decision to treat her resignation as a "termination for cause" after an independent probe indicted her. Kochhar, the first woman to head a bank in India, had served the ICICI group for 34 years. An independent enquiry conducted by retired Supreme Court judge B N Srikrishna has indicted Kochhar for violating the bank’s code of conduct. The case relates to a Rs 3,250-crore loan the bank had extended in 2011 to the Videocon group and the pecuniary benefits his husband gained immediately from the group. 

Read More at Livemint
Clues by NC Team • 30 Jan 2019, Wednesday

The independent panel headed by retired Supreme Court judge, Justice B.N Srikrishna, has found former ICICI Bank MD and CEO, Chanda Kochhar, guilty of violating the bank’s code of conduct. The Enquiry Report concluded the 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,” ICICI Bank said in a statement. The enquiry report also pointed to Kochhar’s lack of diligence in avoiding the conflict of interest while sanctioning Rs 3,250 crore loan to Videocon group.

Read More at Livemint
Clues by NC Team • 28 Jan 2019, Monday

Just three days after the CBI booked former ICICI Bank boss Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot for criminal conspiracy and cheating in the Rs 3,250 Videcon loan case, the agency stated that summons to the accused would be issued in the near future. The agency had collected documents from their searches in Mumbai and Aurangabad in the offices of Deepak Kochhar and Dhoot. CBI said on Monday that “once all due procedures and document scrutiny is complete, summons will be issued to the accused persons in the matter."

Read More at Livemint
Clues by NC Team • 28 Jan 2019, Monday

Shares of ICICI Bank were trading lower for the eighth straight day at Rs 338, down 5% on the BSE. It was trading at its lowest level since December 11, 2018. The stock of the private sector lender has fallen 10% since January 16, 2019, as compared to a 2% fall in the S&P BSE Sensex. According to a BS report, the CBI has named ICICI Bank’s former MD and CEO Chanda Kochhar and her husband Deepak Kochhar, along with his firms, as “accused” in the Rs 3,250-crore Videocon loan case.

Read More at Business Standard
Clues by NC Team • 28 Jan 2019, Monday

A day after the CBI booked former ICICI MD and CEO, Chanda Kochhar, her husband Deepak Kochhar and industrialist VN Dhoot in the Rs 3,250-crore loan case on January 22, the agency transferred its investigating officer Sudhanshu Dhar Mishra to its economic offences wing in Ranchi. Referring to the reasons for the transfer, the agency source said, "ICICI loan case is one of the very important cases that was pending without progress. It was suspected that there was a possibility of information regarding searches being leaked. A discreet inquiry was conducted and the role of Mishra was strongly suspected.”

Read More at CNBC TV18
Clues by NC Team • 25 Jan 2019, Friday

The CBI probe in the Videocon loan case has alleged cheating and abuse of official position by former ICICI Bank CEO and MD Chanda Kochhar.  Kochhar approved six loans to Venugopal N Dhoot's Videocon group between June 2009 and October 2011 including a rupee term loan worth Rs 300 crore sanctioned on August 26, 2009, to Videocon International Electronics Ltd (VIEL). The amount was disbursed into the account of VIEL on September 7, 2009. Interestingly, an amount of Rs 64 crore was transferred by Venugopal Dhoot from Videocon Industries to NuPower Renewables (NRL), firm managed by Chanda's husband Deepak Kochhar.

Read More at The Economic Times
Clues by NC Team • 25 Jan 2019, Friday

The CBI on Thursday booked former ICICI Bank head Chanda Kochhar on charges of criminal conspiracy, cheating and abuse of official position for “dishonestly sanctioning loans to the Videocon Group”. Kochhar has been charged with receiving “illegal gratification through her husband, Deepak Kochhar, from Videocon MD VN Dhoot for sanctioning a term loan of Rs 300 crore to Videocon International Electronics Ltd”. The FIR registered on late Tuesday night also questioned the role of other top ICICI Bank officials, including Sandeep Bakshi (now the MD and CEO).

Read More at The Economic Times
Clues by NC Team • 24 Jan 2019, Thursday

The CBI has conducted raids across some of the offices of Videocon Industries, including the Nariman Point headquarters of the group, sources said. The raids have been conducted in connection to a case involving transactions between the Videocon Group and Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar. CBI is also conducting raids at offices of NuPower Renewables and Supreme Energy in Mumbai. In December 2008, Deepak Kochhar and Venugopal Dhoot had set up NuPower Renewables as a joint venture. Chanda Kochhar had resigned following allegations of quid pro quo in loan approvals to Videocon group in 2012.

Read More at Bloomberg Quint
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