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ICICI Bank sacks Chanda Kochhar

January 31, 2019

The former CEO of ICICI Bank Chanda Kochhar has been sacked by the bank based on the enquiry conducted by the retired Justice Srikrishna's panel.

As per reports, the enquiry panel has found in its investigation that Chanda Kochhar had abused her position. She has been accused of criminal conspiracy and cheating by the CBI as well.

A whistle blower had raised the suspicion over shady dealings between Kochhar and Videocon Group last year. As a result investigation was launched by the bank and Chanda Kochhar had quit as CEO and managing director by taking early retirement in October.

However, now the bank has ordered her termination and that means she will lose all her increments, bonuses, medical benefits and stock options. She will also have to return the bonus amounts paid to her by ICICI bank from April 2009 to March 2018.

Kochhar has been accused of irregularities in lending out a huge loan of Rs 3,250 crore in 2012 to the Videocon Group. After receiving the loan from ICICI, Venugopal Dhoot, of the Videocon group allegedly invested crores in NuPower Renewables which is company belonging to Chanda Kochhar's husband.

The deal benefitted Chanda Kochhar's husband Deepak Kochhar and also her family members.

The termination is huge setback to Chanda Kochhar, who is recognized as an influencer in shaping of retail banking in India.

Here are some responses to the news on social media

Sukumar Das‏ @sukumarbbr tweete,"Replying to @ndtv Why Bank Auditor could not track it when she was in chair? What risk team of bank was doing??"

J Gopikrishnan‏ @jgopikrishnan70 wrote,"So at last CBI started raids ex-ICICI Bank head Chanda Kochhar - Husband - Videocon money siphoning case. Good. Many were trying to save her"

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