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Chanda Kocchar exits ICICI. Board that protected her too needs to pay a price

10 13 142

Chanda Kochhar’s career has ended on an inglorious note. Ideally, she should have stepped down the day allegations about ICICI Bank having given loans improperly to the Videocon Group surfaced, but she refused. Kochhar didn’t herself initiate an independent investigation, which she should have, given how serious the allegations were. Neither did she resign when the independent panel, headed by BN Srikrishna, was appointed to probe whether there was any conflict of interest in the lender disbursing loans to the Videocon Group with which her husband had some business dealings. Her resignation on Thursday, therefore, comes as a bit of a surprise and suggests the board either caved in to pressure from........

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