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This article is more than 3 year old.

Do not believe in rumours, we have full faith in Chanda Kochhar, ICICI Bank reiterates

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“The board has come to the conclusion that there is no question of any quid pro quo/nepotism/conflict of interest as is being alleged in various rumours,” the bank said, terming them as “malicious and unfounded” in an exchange filing.

Do not believe in rumours, we have full faith in Chanda Kochhar, ICICI Bank reiterates
ICICI Bank Chairman MK Sharma has denied any wrongdoing from the bank's part in relation to the loan worth Rs 3250 crore to Videocon Group.
“The board has come to the conclusion that there is no question of any quid pro quo/nepotism/conflict of interest as is being alleged in various rumours,” the bank said, terming them as “malicious and unfounded” in an exchange filing.
The bank also provided details of loan disbursement to the Videocon Group.
The filing pointed that ICICI Bank was part of a consortium of the 20 lenders which sanctioned loans to Videocon Group totaling to Rs. 40,000 crore for debt consolidation and to come up with oil and gas capital expenditure.
ICICI Bank’s share in the loan facility was approximately Rs3,250 crore, amounting to less than 10% of the total consortium loan, the lender said. The credit committee of ICICI Bank sanctioned its share of the loan facility under the syndicated arrangement.
Venugopal Dhoot and Deepak Kochhar, husband of ICICI Bank MD and CEO Chanda Kochhar, set up Videocon group in December 2008. It is believed that two of Chanda Kochhar's relatives lent Rs 64 crore loan to the firm through a fully owned entity before he transferred the latter’s ownership to a trust headed by her husband, news reports had pointed.
Chairman and Managing Director of Videocon Group Venugopal Dhoot, in an exclusive interview with CNBC-TV18, denied Rs 64 crore transaction to any company or individual. He said he had already sold all his shares in Supreme Energy before the concerned matter came to light.
He further denied all malicious transaction with respect to the latter company.
"Neither any investigative agency nor ICICI Bank has approached me with any kind of questions regarding the concerned matter," Dhoot said.
The reports raised questions of conflict of interest as the transfer of the company to Deepak Kochchar happened six months after the Videocon Group got a loan of Rs 3,250 crore from ICICI Bank.
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