Finance

Here is how Chanda Kochhar reacted when she was asked to go on leave

Updated : June 20, 2018 01:47 PM IST

Chanda Kochhar, chief executive and managing director of ICICI Bank, is believed to have taken an aggressive stand on her leave notice.

Kochhar was asked to go on leave as she is under probe into the alleged "conflict of interest" charges.

Kochhar is alleged to be involved in the ICICI Bank-Videocon loan case controversy of an amount adding up to Rs 3,250 crore.

Here is how Chanda Kochhar reacted when she was asked to go on leave

Chanda Kochhar, chief executive and managing director of ICICI Bank, is believed to have taken an aggressive stand on her leave notice in the recent board meeting that appointed Sanjay Bakhshi as the chief operating officer, The Times of India reported.

Kochhar was asked to go on leave as a panel appointed by the bank is investigating alleged "conflict of interest" charges against her.

It is alleged that Kochhar was involved in the deal which granted loan to the Videocon group. ICICI Bank was part of a consortium of 20 lenders which sanctioned loans worth Rs 3,250 crore to the Videocon Group. Venugopal Dhoot, Videocon Group chairman allegedly lent Rs 64 crore to a company handled by Deepak Kochar and other relatives.

Kochhar, in the recent board meet, questioned as to why she was being asked to go on leave as none of the regulators had asked for it, said the TOI report.

Kochhar, however, had to agree to the bank's decision as the chairman of LIC, the bank's largest shareholder, insisted on this, the report added.

According to the report, Kochhar left the room in a huff and had to be persuaded to return.

The bank finally published in the statement, "In line with the highest levels of governance and corporate standards, Chanda Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018," after persuading Kochhar, the report added.

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