ICICI Bank defends CEO Chanda Kochhar from charges of giving unfair benefits to husband's company

ICICI Bank has stood by CEO Chanda Kochhar’s position with regards to allegations that her husband Deepak Kochhar’s company received benefits from loans extended by the bank to the Videocon group.

ICICI Ban chairman M K Sharma said that the bank had given a satisfactory response to all the questions raised by regulators. He said that Kochhar was part of the credit committee meeting that sanctioned loans to the Videocon group as she had no reason to recuse herself from the meeting.

Sharma also said that Kochhar had made all the disclosures to the board beforehand as per the guidelines.

Videocon group chairman Venugopal Dhoot said that his investment in Supreme Industries was only in thousands of rupees and was a temporary one. Supreme Industries is suspected of having invested in NuPower, the company promoted by Chanda Kochhar's husband, Deepak Kochhar.

The ICICI Bank chairman said that the banks loans to Videocon were as part of a consortium of over 20 banks and financial institutions which had sanctioned facilities to the Videocon group.

He said that the amount lent was not handed over to Videocon but placed in an escrow account controlled by the lead bank.

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