I read this article today.
BloombergQuint: ICICI-Videocon Loan: Srikrishna Panel Finds Chanda Kochhar In Violation Of Bank’s Code Of Conduct.
ICICI Bank's reaction to Srikrishna panel's report is strange. Earlier when the allegations were made against Kocchar, the bank backed her and declared that she had done nothing wrong or unethical. Now the bank wants to terminate her for cause. What happened to their earlier declaration of her Innocence? How was that decision reached? Who made that decision? What do they have to say about their decision?
The title of the story was : "ICICI Bank backs CEO Chanda Kochhar, says no question of quid-pro-quo in Videocon loans."
It reminds me of the time when the Satyam scandal broke out and only a few months earlier, Satyam had been given the Golden Globe award for good governance.
Golden Globe, like ICICI Bank today, retracted their earlier stance or award.
I came across this article a day after I wrote this post. https://www.business-standard.com/article/economy-policy/icici-bank-board-under-fire-for-giving-clean-chit-to-chanda-kochhar-119013100034_1.html
Seems like other people have similar thoughts as I do.
While I do not know the issues that the Bank faces today and maybe what they did was the most appropriate. Maybe it is difficult for ICICI to continue to say that they believe in Ms Kochhar after Srikrishna panel's reporr. Even if they still do believe in Kochhar, maybe it's imperative in the current circumstances to go with the flow.
But one wonders - is being flexible and going where the wind is blowing is all there is to lending? Or to living.
Additional reading
I came across this article a day after I wrote this post. https://www.business-standard.com/article/economy-policy/icici-bank-board-under-fire-for-giving-clean-chit-to-chanda-kochhar-119013100034_1.html
Seems like other people have similar thoughts as I do.
While I do not know the issues that the Bank faces today and maybe what they did was the most appropriate. Maybe it is difficult for ICICI to continue to say that they believe in Ms Kochhar after Srikrishna panel's reporr. Even if they still do believe in Kochhar, maybe it's imperative in the current circumstances to go with the flow.
But one wonders - is being flexible and going where the wind is blowing is all there is to lending? Or to living.
Additional reading
- https://www.business-standard.com/article/opinion/fall-from-grace-chanda-kochhar-or-icici-board-119021000729_1.html
- https://economictimes.indiatimes.com/news/company/corporate-trends/realty-deal-at-heart-of-icici-probe-against-chanda-kochhar/articleshow/67825792.cms -Real Estate transactions between the parties
- https://indianexpress.com/article/business/banking-and-finance/icici-bank-chanda-kochhar-hurt-and-shocked-videocon-group-venugopal-dhoot-5561993/
- Economic Times: Here's all that finally did Chanda Kochhar in
- Economic Times: ICICI Board must answer for the scandal around Chanda Kochhar. https://economictimes.indiatimes.com/industry/banking/finance/banking/icici-board-must-answer-for-the-scandal-around-chanda-kochhar/articleshow/67769515.cms?UTM_Source=Google_Newsstand&UTM_Campaign=RSS_Feed&UTM_Medium=Referral
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