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RBI report flagged ICICI loans to Videocon as 'imprudent' decision by Chanda Kochhar: ED
TIWN
RBI report flagged ICICI loans to Videocon as 'imprudent' decision by Chanda Kochhar: ED
PHOTO : TIWN

Mumbai, Dec 15 (TIWN) The scrutiny of the credit sanctions in the ICICI-Videocon loan case by the Reserve Bank of India (RBI) has highlighted these sanctions to Videocon Group between June 2009 and April 2012, when Chanda Kochhar was the bank's Managing Director and CEO, were an "imprudent decision" and a clear case of "conflict of interest on her part", as per the Enforcement Directorate charge sheet.

The 308 page charge sheet, filed by the financial probe agency in Special PMLA court here last month and witnessed by IANS, held that RBI official Malli Sudhakar, in a scrutiny report dated August 3, 2018 and in his statement to the agency on October 16 this year, revealed that there was “conflict of interest” on the part of Kochhar.  Sudhakar had cited “absence of transparency in excluding the charge of securities and releasing existing security of Videocon Group taken by as collateral by ICICI Bank and imprudent decision in sanctioning of proposal to Videocon Group by ICICI Bank, of which Chanda Kochhar was Chairperson of recommending committee and member of sanctioning committee, when she was MD and CEO of the bank”.

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