From Padma Bhushan to jail: Chanda Kochhar gets relief, but the once-celebrated corporate honcho will be remembered for all wrong reasons
Vibha Sharma
Chandigarh, January 9
The Bombay High Court on Monday granted interim bail to former ICICI Bank Chief Executive Officer and Managing Director Chanda Kochhar and her husband Deepak Kochhar in a loan fraud case noting their arrest was not done in conformity with provisions of law.
The Kochhars were arrested by the CBI in December 2022 in connection with the Videocon-ICICI bank loan case.
Chanda Kochhar: From Padma award to jail
Once celebrated and feted among the high and mighty of the corporate world, through the period between 2009 and2016 Chanda Kochhar (61) consistently figured in power lists of top institutions like Time and Fortune and other forums.
She was also awarded India’s third highest civilian award—the Padma Bhushan—in 2011.
Joining the ICICI as a management trainee in 1984, Chanda Kochhar rose on to become the CEO and the MD of the bank in 2009.
However, despite the long list of accolades, she will probably go down in the corporate history for all the wrong reasons
Around 2016, the ICICI board had given her a clean chit in the case after a shareholder of Videocon Group alleged the conflict of interest. However, she had to step down from her position in October 2018 following a fresh complaint and was eventually terminated.
Videocon-ICICI bank loan case
In 2019, the CBI named the Kochhars, Videocon group founder Venugopal Dhoot, Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy Pvt Ltd, Videocon International Electronics Ltd and Videocon Industries Ltd as accused under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The allegation against Chanda Kochhar is that the ICICI under her sanctioned credit facilities of Rs 3,250 crore to these companies in violation of norms.
According to reports, the FIR saysChanda Kochchar sanctioned these loans in a criminal conspiracy with others to cheat ICICI Bank and that she also received “illegal gratification” of Rs 64 crore as “quid pro quo”.
Dhoot invested Rs 64 crore in Nupower Renewables through SEPL and transferred it to Pinnacle Energy Trust managed by Deepak Kochhar
Deepak Kochhar was arrested by the ED in September 2020 under sections of the Prevention of Money Laundering Act (PMLA).
Dhoot was also arrested by the CBI in December 2022
The loan to Videocon turned into NPA. The ED found that loans sanctioned to the Videocon group were kept alive by ever-greening, turning into bad loans for ICICI, the reports add.
