Chanda Kochhar icici bank, Net Worth, Assets, Family: All About Ex ...

Chanda Kochhar was the CEO of ICICI Bank, one of the largest private sector banks in India, from 2009 to 2018. During her tenure, she was widely regarded as one of the most influential women in Indian business. However, in 2018, Kochhar resigned from the bank amid allegations of impropriety and conflicts of interest related to a loan extended by the bank to a corporate group.

The allegations against Kochhar led to an investigation by the Central Bureau of Investigation (CBI) and the Securities and Exchange Board of India (SEBI). In 2020, the SEBI imposed a fine on Kochhar and banned her from the securities market for a period of five years, citing violations of SEBI regulations and failure to disclose her husband's business dealings with the corporate group in question. Kochhar has denied any wrongdoing and has challenged the SEBI's decision in court. The case is ongoing.

Before becoming CEO in 2009, Kochhar held a number of senior management positions at the bank and was instrumental in the development of its retail banking operations. During her tenure as CEO, she focused on expanding the bank's presence in the retail banking sector and increasing its market share. She also oversaw the expansion of the bank's operations into new markets and the launch of new products and services.

However, in 2018, Kochhar came under scrutiny for her role in the approval of a loan to the corporate group Videocon Industries, which was later declared as a non-performing asset by the bank. Allegations emerged that Kochhar's husband had business dealings with the group, leading to accusations of conflict of interest. Kochhar denied the allegations and maintained that the loan was approved in accordance with the bank's policies and procedures. Despite her denials, she resigned from her position as CEO in October 2018.

 Chanda Kochhar and the allegations against her:

. The allegations against Kochhar related to a loan of 3.7 billion rupees (about $530 million) that ICICI Bank extended to Videocon Industries in 2012. It was alleged that Kochhar and her husband had a personal relationship with the founder of Videocon and that her husband's business received benefits from the company. Kochhar denied these allegations and said that the loan was approved by a credit committee that included other senior executives at the bank.

. In 2018, the Central Bureau of Investigation (CBI) and the Securities and Exchange Board of India (SEBI) launched investigations into the allegations against Kochhar. The CBI filed a case against Kochhar, Videocon founder Venugopal Dhoot, and others in January 2019, alleging that the loan was extended to Videocon as part of a quid pro quo arrangement. Kochhar has denied any wrongdoing and has said that the loan was extended on the basis of the company's creditworthiness and in accordance with the bank's policies.

. In 2020, the SEBI imposed a fine of 1.2 billion rupees (about $16 million) on Kochhar and banned her from the securities market for a period of five years. The SEBI cited violations of SEBI regulations and failure to disclose her husband's business dealings with Videocon as the basis for the penalty. Kochhar has challenged the SEBI's decision in court, and the case is ongoing.

. In addition to the investigations by the CBI and SEBI, Kochhar also faced an internal inquiry by ICICI Bank. The bank found that Kochhar had violated its code of conduct and policies, and it terminated her employment in 2018.