Deepak Kochhar is the husband of former ICICI Bank chief executive Chanda Kochhar, and the founder-CEO of NuPower Renewables.
The Enforcement Directorate had arrested ICICI Bank CEO Chanda Kochhar's husband on September 7 in an ICICI Bank-Videocon money laundering case
The ICICI-Videocon case is unlikely to end with Deepak Kochhar’s arrest. Names of Chanda Kochhar and other ICICI Bank officials who played a key role in sanctioning loan to the Videocon Group could come up next.
On January 31, the ED lodged a case of money laundering against Chanda and Deepak Kochhar, Videocon CMD Venugopal Dhoot and others.
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In a monetary suit filed on January 10, the bank sought dismissal of Kochhar's petition and stated that the issue can be decided in a commercial suit.
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She had moved the court on November 30, challenging her 'termination'.
Reports said that Kochhar has moved the Bombay HC against ICICI Bank for ‘terminating’ her even though her request for an early retirement was accepted earlier.
The Enforcement Directorate (ED) had last month questioned and recorded the statements of Chanda Kochhar and her husband Deepak Kochhar over multiple sessions.
They were questioned by the agency on Monday for over eight hours. This was the first time they were grilled in Delhi. They have been questioned by the agency in Mumbai in March.
While it was not immediately known as to what was the ED's line of questioning, sources said that the two were required to assist the investigating officer (IO) of the case in taking the probe forward.
Kochhar arrived before the Enforcement Directorate's office here in Khan Market shortly before her scheduled appearance time of 11 am, official sources said.
When the selection and fee payment of auditors, credit rating firms and independent directors is decided by the management/promoter shareholders, it is obvious that their loyalty will be towards the latter.
The agency is going through hundreds of pages of documents seized by it during searches, besides loan records, communication exchanges, meeting discussions, etc. related to the details before it will prepare a questionnaire for the accused.
Chanda Kochhar has maintained the same statement in her questioning by the Central Bureau of Investigation (CBI) and Ministry of Corporate Affairs (MCA).
Allegations of money laundering and conflict of interest were levelled against Kochhar who resigned from her post in October 2018 pending investigations.
The ED has also been investigating into NU Power's overseas dealings and in particular, its relationship with the Matix group.
The proposed norms will help improve governance in private sector banks. Reforming boards and holding them more accountable should be the next step.
A lookout circular is issued to check whether a traveller is wanted by the police, and aims to restrict them from leaving the country
ICICI Bank reportedly extended Rs 3,250 crore to Videocon Group and the ensuing allegedly benefitted her husband, who gained in business from the Dhoots. The loan became dud and the entire group went bankrupt.
"The recent developments surrounding former ICICI Bank chief executive Chanda Kochhar and the changing view of the bank's board affirms our view of the generally weak governance and transparency in the country's banking sector," it said in a note on Friday.
Uttaresh Venkateshwaran gets in conversation with Moneycontrol's M Saraswathy to discuss ICICI Bank's decision and the impact on Chanda Kochhar.
JN Gupta, Managing Director of Stakeholders Empowerment Services feels the stern action against ICICI Bank's former chief Chanda Kochhar is a warning for other boards of the corporate world.
Kochhar's "termination" is an extraordinary parting between the bank and its once all-powerful MD & CEO.