Remarkable coincidence, or something sinister? That’s the question posed by L’affaire Chanda Kochhar, the celebrated managing director & CEO of ICICI Bank. But by issuing a well-couched statement, ICICI Bank has not left people any wiser. In fact, barring denying any wrongdoing and reiterating its confidence in Kochhar, the 3-page statement has failed to answer any of the grave allegations leveled by investor Arvind Gupta against Kochhar and her husband Deepak Kochhar for “amassing wrongful personal gains deceiving Stakeholders, Shareholders, Public/Private Sector Banks and Indian Regulatory Agencies for unjust and illegal enrichment through corrupt banking practices”.
It was Gupta’s 8-page letter (dated 15 March, 2016) with those allegations addressed to prime minister Narendra Modi and copied to the finance minister, RBI Governor, Sebi chairman, Enforcement Directorate and CBI chief, besides others, that led to sotto voce initially but has caused a severe social media frenzy in the past few weeks. That forced ICICI Bank to issue a statement defending Kochhar: “The Board has full confidence and reposes full faith in the Bank’s MD & CEO Ms Chanda Kochhar”. Read More…
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