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26 Jan 2020, Edition - 1657, Sunday

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Govt changes its nominee on ICICI Bank board


In the wake of the ICICI Bank-Videocon loan saga, the government has changed its nominee on the board of ICICI Bank. Amit Agrawal who was serving as the government’s nominee Director on the board has been replaced by Lok Ranjan, Joint Secretary, Department of Financial Services, with effect from April 5, 2018.

The Department of Financial Services informed the bank about the replacement on April 5. It is not certain if the government changed its nominee due to the recent developments.

Nevertheless, the board extended its full support and gave a clean chit to its MD and CEO Chanda Kochhar. Even Deepak Kochhar, husband on Chanda Kochhar mentioned to India Today TV that she was not aware of his 50:50 tie-up with Videocon Group Chairman Venugopal Dhoot. “Chanda did not know when I set up NuPower. I knew Dhoot through social circles. I told her when Dhoot exited,” he told India Today TV.

The Kochhars are under lens since whistleblower Virendra Gupta’s disclosures in 2016 regarding the Rs 3,250 crore plus Rs 660 crore loans and alleged quid pro quo in the form of an identical 10 per cent foreign funding (Rs 325 crore and Rs 66 crore) in Kochhar’s husband Deepak Kochhar’s company NuPower Renewables. Deepak Kochhar and Videocon promoters – the Dhoots – had together set up a 50:50 JV NuPower Renewables in 2008. These revelations led to allegations of propriety and conflict interest.

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