Opinion: Why the ‘Chanda’ of the Indian corporate world got eclipsed!

new Delhi: The CBI has arrested Chanda Kochhar, MD and CEO of ICICI Bank, and her husband Deepak Kochhar. Chanda Kochhar is accused of misusing her position to benefit her husband. He was once considered the most powerful personality in the Indian banking world. In the year 2009, she became the MD and CEO of the country’s leading private bank ICICI Bank. She was the first woman to become the CEO of a bank in India. At that time he was 47 years old. Then Forbes magazine placed her at number 20 in the list of 100 most powerful women in the world. She emerged as a symbol of women empowerment in India. Chanda Kochhar was a role model for women working in the corporate sector. But Chanda Kochhar, who has been shining like Chanda in the Indian industry for almost a decade, is herself struggling with eclipse today.

Chanda Kochhar was born in a Sindhi family in Jodhpur, Rajasthan. After completing his Master’s degree in Management from Mumbai University, he joined ICICI in 1984 as a Management Trainee. When ICICI became a banking company in the year 1994, Chanda Kochhar was made Assistant General Manager. After this, she became the CEO and MD in 2009, climbing the ladder of success. From the year 2009 to 2018, Chanda Kochhar shone like a comet in the Indian industry. He earned a big name in the banking sector and took the bank to great heights. During this, the government honored him with the Padma Bhushan, the country’s third highest civilian honor in 2011.

Chanda Kochhar Arrest: Chanda Kochhar and Deepak Kochhar arrested by CBI in cheating case, full details

letter to modi

But in 2016, a letter addressed to Prime Minister Narendra Modi created trouble for Chanda Kochhar. ICICI Bank shareholder Arvind Gupta wrote in the letter that there is an illegal commercial and banking relationship between the families of Venugopal Dhoot and Chanda Kochhar of Videocon Group. In July 2016, the RBI conducted a comprehensive investigation into the matter. But it could not find evidence that Videocon and ICICI Bank benefited each other.

In March 2018, the CBI took over the preliminary investigation in the matter. With this began the tale of Kochhar’s downfall. Kochhar was accused of giving loans worth thousands of crores to the Videocon group in lieu of kickbacks. It is alleged that ICICI Bank had given a loan of Rs 3,250 crore to the Videocon group. Videocon Group did not repay 86 percent (about Rs 2810 crore) of this loan. In 2017, this loan was put in NPA (Non Performing Assets). Chanda Kochhar was part of the bank’s committee that approved Rs 300 crore to Videocon International Electronics on August 26, 2009 and Rs 750 crore to Videocon Industries Limited on October 31, 2011. It is alleged that the committee violated the regulation and policy of the bank.

ICICI-Videocon Case: Chanda Kochhar got disappointment from Supreme Court as well, appeal rejected

violation of rules

Investigating agencies started collecting evidence against her and husband Deepak Kochhar. As the investigation progressed, it became clear that Kochhar helped ICICI Bank to benefit her husband’s company at the cost of thousands of crores of losses. Chanda Kochhar denied these allegations but in October 2018, Kochhar abruptly resigned as CEO. Chanda Kochhar was found guilty of violating various rules in the Srikrishna Committee report. The bank stopped his retirement benefits and decided to recover bonus of Rs 9.82 crore. Now the CBI has arrested him.

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