Videocon loan controversy: Twitterati asks if ICICI Bank knew anything at all about 'business house of Kochhar'

Chanda Kochhar, Managing Director and CEO of ICICI Bank, is in the eye of the storm following the Videocon loan controversy. But the bank’s chairman MK Sharma has given her a clean chit and has said that the lender’s board is unlikely to discuss allegations of impropriety against Kochhar at a meeting scheduled for 27 April, the Mint reported. Kochhar, widely recognised for her role in shaping retail banking in India, has been a recipient of many awards. On Twitter, Kochhar and her family including husband Deepak and brother-in-law Rajiv, were hauled over the coals for their alleged role in the controversy.

Welcome to the Business House of Kochhar. Naturally @ICICIBank knows nothing about it. https://t.co/kQf6LxBBz5

— Hemindra Hazari (@HemindraHazari) April 3, 2018

  Twitterati was puzzled and amazed that the ICICI board allowed Chanda Kochhar to remain on the credit committee and also the risk monitoring committee. Incidentally, this was also the argument put forth by whistleblower Arvind Gupta.

Credential Finance: Promoters = Kochhar Brothers. Board had Dhoot right hand man. SEBI barred promoters to raise public money for 10 yrs. With such a colorful history - am amazed that ICICI board allows Chanda Kochhar in any credit committee 😷 https://t.co/K0xJhtjwAe pic.twitter.com/qunqmDMTDE

— Jagadeeswaran - QPFP® (@eeswardev) April 3, 2018

  In an interview to the Mint in 2014, Rajiv Kochhar said that as an investment banker one must know one’s limit. Words that have come back to haunt him, perhaps.

Blast from the past:Published in 2014."Though we were not a well known brand then.....i-bank Houlihan Lokey  was confident on what I brought to the table in terms of deep relationships expertise across India & Asia,” saysRajiv Kochhar,CEO Avista Advisory
https://t.co/Pui0FDG4pG

— Sangita Mehta (@SangitaMehtaET) April 2, 2018

Investors too paying a price for the unprecedented erosion of values in the society; have to listen even to the spouse of Bank CEO😀 https://t.co/1XB1NOKhco

— Porinju Veliyath (@porinju) April 5, 2018

  Some wondered if this controversy would bring down the curtains on Chanda Kochhar’s ‘success’ story as a banker.

#ChandaKochhar ‘s husband #DeepakKochhar may be arrested very soon on the charges of manipulation of his returns ,accounts and money laundering . @dir_ed ,@CBItweets ,@IncomeTaxIndia finds much more than media reports . I did not expect an end of success story like this .

— Pradeep Rai (@pradeepraiindia) April 4, 2018

  There were some who expressed their disbelief at what Deepak Kochhar said in a televised interview.

#CNBCTV18Exclusive | Deepak Kochhar tells @latha_venkatesh,
Dhoot didn’t own supreme energy when Rs 64 cr invested in NuPower’s convertible debenture; And, there was no financial gain to pinnacle when it purchased Supreme #ICICIBank #Videocon pic.twitter.com/2aYW8saOuW

— CNBC-TV18 (@CNBCTV18Live) April 5, 2018

  Last but not the least,  a question was raised on whether private lender ICICI Bank should be ‘double privatised’.

Should ICICI Bank be double privatised now after fraud of Chanda Kochhar's husband Deepak Kochhar.

Just asked....🤔🤔@narendramodi @arunjaitley @WeBankerss @cpc4bankers @ravishndtv @Bankersvoice1 @cpc4bankers @11thbps18 @cpcforbankerss

— Abhay Saxena (@banker_abhay) March 30, 2018