Chanda Kochhar Quits As ICICI Bank Chief: 10 Things To Know

Benefits due to Chanda Kochhar will be "subject to the outcome of the inquiry", according to ICICI Bank's statement.

Chanda Kochhar Quits As ICICI Bank Chief: 10 Things To Know

Chanda Kochhar will also quit the boards of ICICI Bank subsidiaries.

Highlights

  • Ms Kochhar is being investigated for charges of conflict of interest
  • Benefits due to her will be "subject to outcome of inquiry"
  • Ms Kochhar began her career with ICICI Limited in 1984
Chanda Kochhar has quit as CEO and managing director of the ICICI Bank, the lender said on Thursday. Ms Kochhar is being investigated for charges of conflict of interest and has been on leave since June. The inquiry against Ms Kochhar in the case involving a loan of Rs 3,250 crore to the Videocon Group will not be affected, ICICI Bank said in its regulatory filing to the Bombay Stock Exchange (BSE). Sandeep Bakhshi, the chief operating officer (COO) of ICICI Bank, will replace Ms Kochhar.

Here is your 10-point cheat sheet to this story on Chanda Kochhar:

  1. Chanda Kochhar, 56, had requested early retirement, said the bank.

  2. Benefits due to Ms Kochhar will be "subject to the outcome of the inquiry", according to ICICI's statement.

  3. Ms Kochhar will also quit the boards of ICICI Bank subsidiaries.

  4. The Rs 3,250-crore loan was allegedly granted to the Videocon Group in 2012. In March, a whistleblower alleged that Ms Kochhar's husband Deepak Kochhar and her family members benefited from the dealings.

  5. Videocon's Venugopal Dhoot had an investment in NuPower Renewables, a company founded by Chanda Kochhar's husband.

  6. Earlier, ICICI Bank had rejected the accusations of nepotism and had expressed "full faith" in Ms Kochhar.

  7. In May, however, the bank announced that its board had decided to set up a "comprehensive enquiry" to investigate the charges against Ms Kochhar. As more allegations surfaced, a multi-agency probe was launched.

  8. In June, Mr Bakhshi was appointed as COO of the bank after Ms Kochhar decided to go on leave until the inquiry was over.

  9. Ms Kochhar began her career with ICICI Limited in 1984 and was elevated to the board of directors in 2001.

  10. She was the joint managing director and chief financial officer from 2007 to 2009, and was elevated as the managing director and CEO in 2009.


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