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Last Updated : Oct 09, 2018 12:11 PM IST | Source: Moneycontrol.com

From Tata to Satyam, the shocking exits of top company execs that rocked corporate India

Here is a list of corporate India’s most controversial top management exits.

Moneycontrol News @moneycontrolcom
The resignation of CEO and MD of ICICI Bank Chanda Kochhar, amid conflict of interest allegations, shocked the banking sector recently. A whistle-blower had had alleged that ICICI Bank granted loans to Videocon Group, whose promoter Venugopal Dhoot had investments in NuPower Renewables, owned by the banker's husband Deepak Kochhar. The incident has brought back memories of top company executives who have stepped down over controversies. Here is a list of corporate India’s most controversial top management exits. (Image: PTI)
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The resignation of CEO and MD of ICICI Bank Chanda Kochhar, amid conflict of interest allegations, shocked the banking sector recently. A whistle-blower had had alleged that ICICI Bank granted loans to Videocon Group, whose promoter Venugopal Dhoot had investments in NuPower Renewables, owned by the banker's husband Deepak Kochhar. The incident has brought back memories of top company executives who have stepped down over controversies. Here is a list of corporate India’s most controversial top management exits. (Image: PTI)

Rana Kapoor | The founder and CEO of one of India’s largest private banks was asked to exit from the company by Reserve Bank of India (RBI) that refused to extend his tenure, which ended on August 31. Yes Bank has been under the central bank's lens after it reported divergences in classification of non-performing assets (NPAs) as compared to the assessment by RBI. (Image: PTI)
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Rana Kapoor | The founder and CEO of one of India’s largest private banks was asked to exit from the company by Reserve Bank of India (RBI) that refused to extend his tenure, which ended on August 31. Yes Bank has been under the central bank's lens after it reported divergences in classification of non-performing assets (NPAs) as compared to the assessment by RBI. (Image: PTI)

Shikha Sharma | The RBI had similarly denied a three-year extension to former Axis Bank CEO despite the board and shareholders backing her reappointment at the time. Axis Bank’s books were awash in red after massive losses in Q4 FY 18 — the first ever quarterly loss in the private sector lender’s history. Some branch officials were found colluding with cash hoarders to help them legitimize their money following demonetization. (Image: Moneycontrol News)
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Shikha Sharma | The RBI had similarly denied a three-year extension to former Axis Bank CEO despite the board and shareholders backing her reappointment at the time. Axis Bank’s books were awash in red after massive losses in Q4 FY 18 — the first ever quarterly loss in the private sector lender’s history. Some branch officials were found colluding with cash hoarders to help them legitimize their money following demonetization. (Image: Moneycontrol News)

Ramalinga Raju | Satyam Computers: In 2009, the now former CEO of Satyam Computers sent a letter to investors, employees and the government which raised a furore across corporate India. Raju confessed that he embezzled close to Rs 7,136 crore by manipulating accounts with the help of his relatives and close friends. He was found guilty along with 10 others by a Supreme Court bench in 2015. (Image: Reuters)
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Ramalinga Raju | Satyam Computers: In 2009, the now former CEO of Satyam Computers sent a letter to investors, employees and the government which raised a furore across corporate India. Raju confessed that he embezzled close to Rs 7,136 crore by manipulating accounts with the help of his relatives and close friends. He was found guilty along with 10 others by a Supreme Court bench in 2015. (Image: Reuters)

S K Roy | Life Insurance Corporation of India (LIC) : The former chairman of LIC took up the position in 2013, only to retire under the Voluntary Retirement Scheme (VRS) in 2016, a whole two years before the completion of his tenure. Roy was allegedly involved in questionable investments in the realty firm Unitech from 2008 to 2009. The company defaulted on a Rs 200 crore loan in December 2013 provided by LIC. (Image: PTI)
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S K Roy | Life Insurance Corporation of India (LIC) : The former chairman of LIC took up the position in 2013, only to retire under the Voluntary Retirement Scheme (VRS) in 2016, a whole two years before the completion of his tenure. Roy was allegedly involved in questionable investments in the realty firm Unitech from 2008 to 2009. The company defaulted on a Rs 200 crore loan in December 2013 provided by LIC. (Image: PTI)

Usha Ananthasubramanian | Allahabad Bank: The former CEO of Allahabad Bank was quietly relieved of her post after her named appeared in a chargesheet filed by the Central Bureau of Investigation (CBI) against current and former officials of Punjab National Bank (PNB) in relation to a Rs 14,000 crore-plus fraud at PNB that was unearthed in mid-February. (Image: PTI)
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Usha Ananthasubramanian | Allahabad Bank: The former CEO of Allahabad Bank was quietly relieved of her post after her named appeared in a chargesheet filed by the Central Bureau of Investigation (CBI) against current and former officials of Punjab National Bank (PNB) in relation to a Rs 14,000 crore-plus fraud at PNB that was unearthed in mid-February. (Image: PTI)

Malvinder and Shivinder Singh | Fortis and Religare: The sibling founders and promoters saw their entreprise being one of the most promising healthcare groups in the country, to ending up in a quagmire of mismanagement and legal troubles.  Fortis shareholders' eventually approved the sale of their company to Malaysia’s IHH Healthcare for $1.1 billion. (Image: Reuters)
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Malvinder and Shivinder Singh | Fortis and Religare: The sibling founders and promoters saw their entreprise being one of the most promising healthcare groups in the country, to ending up in a quagmire of mismanagement and legal troubles.  Fortis shareholders' eventually approved the sale of their company to Malaysia’s IHH Healthcare for $1.1 billion. (Image: Reuters)

Cyrus Mistry | Tata Sons: The former chairman of Tata Sons was ousted after a bitter public spat with members of the board. Mistry, in the petition filed under the Companies Act, claimed that his removal was due to mismanagement by the board's trustees and oppression of minority shareholders by Tata Trusts. The latter owns over 68 percent in Tata Sons, the $100 billion-plus conglomerate. The board said that all operating companies except TCS were performing badly under Mistry's leadership. (Image: Reuters)
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Cyrus Mistry | Tata Sons: The former chairman of Tata Sons was ousted after a bitter public spat with members of the board. Mistry, in the petition filed under the Companies Act, claimed that his removal was due to mismanagement by the board's trustees and oppression of minority shareholders by Tata Trusts. The latter owns over 68 percent in Tata Sons, the $100 billion-plus conglomerate. The board said that all operating companies except TCS were performing badly under Mistry's leadership. (Image: Reuters)

Vishal Sikka | Infosys: The former CEO and MD of the IT giant was hand-picked by Infosys co-founder Narayana Murthy in 2014 to lead the company during a time when it was battling a severe slowdown. But soon, Sikka came under fire from Murthy himself, who attacked several decisions taken at Infosys besides Sikka's supposed lavish lifestyle. For Sikka, the final straw appeared to be a leaked letter by the co-founder, in which he said Sikka was only 'CTO material, not CEO material'. (Image: Reuters)
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Vishal Sikka | Infosys: The former CEO and MD of the IT giant was hand-picked by Infosys co-founder Narayana Murthy in 2014 to lead the company during a time when it was battling a severe slowdown. But soon, Sikka came under fire from Murthy himself, who attacked several decisions taken at Infosys besides Sikka's supposed lavish lifestyle. For Sikka, the final straw appeared to be a leaked letter by the co-founder, in which he said Sikka was only 'CTO material, not CEO material'. (Image: Reuters)

Mrithyunjay “Mittu” Chandalya | AirAsia: The former CEO of AirAsia made an unceremonious exit in 2016, after the airline filed a suit against him accusing him of “siphoning off” money by making payments to a bogus firm. This was after former Tata Sons Chairman Cyrus Mistry had accused AirAsia India of indulging in “certain fraudulent transactions”. Chandilya on his part maintained that he was being made a scapegoat for the battle between the Tata Group and Cyrus Mistry. Chandilya was subsequently questioned by the Enforcement Directorate. (Image: Reuters)
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Mrithyunjay “Mittu” Chandalya | AirAsia: The former CEO of AirAsia made an unceremonious exit in 2016, after the airline filed a suit against him accusing him of “siphoning off” money by making payments to a bogus firm. This was after former Tata Sons Chairman Cyrus Mistry had accused AirAsia India of indulging in “certain fraudulent transactions”. Chandilya on his part maintained that he was being made a scapegoat for the battle between the Tata Group and Cyrus Mistry. Chandilya was subsequently questioned by the Enforcement Directorate. (Image: Reuters)

Phaneesh Murthy | Infosys: Known as the “other Murthy”, the IIT and IIM graduate was former Director of Infosys and its Global Sales Head till he was fired after news surfaced of the company settling a case of sexual harassment against him to the tune of $3 million. (Image:Reuters)
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Phaneesh Murthy | Infosys: Known as the “other Murthy”, the IIT and IIM graduate was former Director of Infosys and its Global Sales Head till he was fired after news surfaced of the company settling a case of sexual harassment against him to the tune of $3 million. (Image:Reuters)

First Published on Oct 9, 2018 12:11 pm
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