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A New Case Being Registered Against Chanda Kochhar: Check All About Former ICICI MD And Charges She Is Facing | Companies News

Byusanewscart.com

Dec 28, 2023
A New Case Being Registered Against Chanda Kochhar: Check All About Former ICICI MD And Charges She Is Facing | Companies News

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New Delhi: Chanda Kochhar, the former Managing Director and CEO of ICICI Bank, finds herself under the spotlight due to a fresh legal controversy. A new case has been filed against her in the national capital, alleging Kochhar and ten others of orchestrating a scam that resulted in a substantial loss of Rs 27 crores for a tomato paste company.

Let’s take a closer look at her background and the charges she is facing.

Who Is Chanda Kochhar?

Chanda Kochhar, born on November 17, 1961, is an Indian businesswoman known for her significant contributions to the banking sector. Embarking on her journey with ICICI Bank in 1984 as a management trainee, Chanda Kochhar evolved into a cornerstone of the institution’s establishment.

By 2009, she ascended to the position of Managing Director and subsequently made history as the first female Chief Executive Officer of any Indian bank.

She served as the Managing Director and CEO of ICICI Bank for nearly a decade.

During an era when banking was predominantly a male-dominated field, Kochhar emerged as a trailblazer, consistently recognized among the foremost women bankers in India. Notably, her contributions to the financial sector earned her the prestigious Padma Bhushan Award in 2011.

Quits ICICI Bank

In 2018, amidst the investigations, Chanda Kochhar stepped down from her position at ICICI Bank, signaling a turbulent time for both her career and the bank.

Charges Against Chanda Kochhar:

Chanda Kochhar faced allegations regarding a controversial loan deal involving ICICI Bank, Videocon Group, and her husband, Deepak Kochhar. The controversy involving Chanda Kochhar dates back to 2010 when she was the CEO of the bank.

Recently, both Kochhar and her husband, along with Videocon Group promoter Venugopal Dhoot, faced arrest by the CBI. According to the CBI, during Kochhar’s tenure as CEO, credit facilities totaling approximately Rs 3,250 crore were approved for Videocon group companies.

However, the CBI contends that sanctioning such a large amount violated RBI rules and went against ICICI Bank’s credit policy. The charges included violations of the banking code of conduct, ethics, and corporate governance norms.

Chanda Kochhar: Fresh Case

A fresh case has been filed against her and ten others, accusing them of cheating a tomato paste company and causing a massive loss of Rs 27 crores.

This case dates back to 2009 but recently gained attention when the Patiala House Court on December 9 directed the Delhi Police to launch an investigation.

Following this, the Economic Offence Wing of the Delhi Police officially registered an FIR on December 20, citing allegations of cheating and criminal conspiracy.

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