‚Chanda Kochhar chapter is behind ICICI Bank‘
uk canada goose October 4, 2018, Kochhar resigned from ICICI Bank with immediate effect. Bakhshi was appointed managing director and chief canada goose outlet nyc executive officer. Photograph: PTI Photo uk canada goose
When allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis first surfaced, the highly respected banker firmly denied all charges of nepotism or any wrongdoing.
It was then alleged that the Videocon group pumped money into NuPower Renewables, a canada goose outlet in toronto firm owned by Deepak Kochhar, Chanda Kochhar’s husband, followed by charges that NuPower got investments of Rs 325 crore from the Mauritius based Firstland Holdings, a company owned by Nishant Kanodia, Essar Group co founder Ravi Ruia’s son in law.
canada goose coats The investments from Kanodia’s firm into NuPower started in December 2010, the same month ICICI Bank was the lead banker in a consortium canada goose vest outlet of Indian banks that extended a $530 million loan to Essar Steel Minnesota LLC on December 29, 2010. This loan was later classified as a non performing asset. canada goose coats
canada goose store In her reply to a show cause canada goose outlet boston notice issued by Sebi, the market canada goose outlet uk sale regulator, Chanda Kochhar said she was not aware of the business dealings between her husband Deepak Kochhar, promoter of NuPower Renewables, and Videocon group promoter Venugopal Dhoot. canada goose store
Canada Goose sale She also refuted the charges of breach of code of conduct, and claimed that all the requisite disclosures were adhered to by her as per the extant code of conduct of the bank mandated for the top management and senior employees, according to sources. Canada Goose sale
buy canada goose jacket The Reserve canada goose kensington parka uk Bank in its 2016 investigation in the matter had raised questions over the ownership of the Mauritius based entity, First Land Holding, which had invested Rs 325 crore in NuPower. buy canada goose jacket
Following the ICICI Bank canada goose outlet london board’s decision to institute an enquiry by retired Supreme Court Justice B N Srikrishna into the charges, Chanda Kochhar went on leave in May.
On Thursday, ICICI Bank said Justice Srikrishna’s enquiry into Kochhar’s actions will continue and that the benefits canada goose outlet shop owed to her would be subject to the outcome https://www.canadagoosejacketonlines.ca of that probe.
Kochhar’s resignation brings the curtain down at least, for now canada goose outlet on the career of the most influential lady banker in India. The canada goose outlet winnipeg 56 year old banker had helmed ICICI Bank since 2009.
canadian goose jacket „She was a fine banker, she was an intelligent banker and a fine human being. canadian goose jacket
After holding out for so long, and mounting a spirited defence, including insisting there was no malintent or conflict of interest, Chanda Kochhar has quit with immediate effect. Does this negate her earlier protestations of innocence?
I don’t know exactly and I am not qualified to say that. It is like the Securities and Exchange Board of India has a system of when some investigation is on, you come back and you settle it, sort of you pay a penalty, and that does not necessarily mean you are guilty.
I personally think even if she gets exonerated by the committee, if you look at the new trend, the way the regulator is particularly handling the private banks, the possibility of her getting another term was non existing.
Canada Goose Coats On Sale Her current term would have come to an end by March 2019. Even if she gets exonerated by the committee it was expected to file its report in the next three canada goose outlet winnipeg address months the possibility of her continuing as ICICI Bank CEO was virtually nil. Canada Goose Coats On Sale
I wish she would have done so (resigned) earlier.
canada goose coats on sale As an astute and veteran observer of canada goose outlet official India’s banking sector, what do you think impelled her to take this step? Why now, and not, say, six months earlier? canada goose coats on sale
Only she can answer that, but one way of looking canada goose outlet canada at it is that she was over confident, or the other way to look at it is she underestimated the gravity of the allegations.
Canada Goose online These are the only two ways I can think of because of the way she was putting up a brave front. The (ICICI Bank) board also supported her to the hilt. Canada Goose online
canada goose clearance sale The entire board was backing her and they canada goose outlet us went out of their way to actually support her. canada goose clearance sale
Then things changed for whatever reasons and a new committee was formed with a retired Supreme Court judge going into all those things.
Canada Goose Outlet I think that was canada goose jacket outlet uk the beginning of (the end). It was a foregone conclusion that she would have to go. Canada Goose Outlet
It will only be a comfort for her if she gets a clean chit from the committee.
buy canada goose jacket cheap For observers like us, canada goose outlet orlando there is a bit of a surprise as she was such an intelligent banker. buy canada goose jacket cheap
Canada Goose Parka Yes, she must have misread certain economic trends and probably gone overboard to certain sectors and that is a separate story but how could she not see the writing on the canada goose outlet woodbury wall? She continued to remain there. Canada Goose Parka
canada goose First, she refused to vacate the corner office and then went on leave. canada goose
She continued to canada goose outlet price be elected as head of a subsidiary like ICICI Securities. That was quite a surprise because she is an extremely intelligent canada goose outlet ontario banker, so why she was doing that.