A scrutiny undertaken by the Reserve Bank of India (RBI) had reported the credit sanctions of ICICI Bank to the Videocon Group between June 2009 and April 2012, when Chanda Kochhar
was the chief executive and CEO of the bank, as a “reckless decision” and a clear case of “conflict of interest on his part,” according to a charge sheet from the Enforcement Branch viewed by the Mumbai Mirror.
ED’s investigation is based on a CBI case filed in January 2019 regarding alleged irregularities in the granting of six loans worth around Rs 1,875 crore to five companies in the Videocon group. A day after one of these loans – worth Rs 300 crore – was sanctioned on August 26, 2009, Videocon Group made an investment of Rs 64 crore in Nupower Renewables Ltd (NRL), a company headed by Chanda Kochhar’s husband. Deepak kochhar.
The RBI’s observations, further supported by a statement from Malli Sudhakar, the RBI official who prepared the report, run counter to a recent order from the Prevention Law Adjudication Authority. of money laundering (PMLA) which ruled that “the defendants” [the Kochhars] could establish that the investment of Rs 64 crore was “a real commercial investment duly considered well before the sanction of the loan”. The ordinance further stated that “the business decision and the investment transaction of Rs 64 crore in NRL are in no way related to the sanction of Rs 300 crore [to a Videocon company] by ICICI. ED contested the order.
ED had filed an indictment last month in the case against 11 individuals and companies, including Chanda and Deepak Kochhar and the managing director of Videocon Industries Limited, VN Dhoot. The charge sheet indicates that the Security and Exchange Councilinvestigations into ICICI Bank transactions with Videocon Industries Limited had also “found violations”.
The Kochhars have denied any wrongdoing in this matter. Their lawyer did not comment on the ED indictment when approached by Mumbai Mirror. The Kochhars previously told the agency that the transfer of Rs 64 crore to Deepak Kochchar’s company from a Videocon group company in September 2009 was an unrelated stake in the bank’s loans to group companies. Videocon.
On the occasion of Sonia Gandhi’s birthday, here are some rare photos
Sonia Gandhi with Indira Gandhi and the children
Acting Congress President Sonia Gandhi will turn 74 on Wednesday. However, she decided not to celebrate her birthday on December 9 in support of farmers’ agitation against farm laws and keeping the COVID-19 situation in the country in mind. Gandhi is the longest-serving chairman of the big-old party, having been elected in 1998. Gandhi was first elected to the parliamentary constituency of Amethi in 1999, after which she became leader of the opposition in the Lok Sabha. In the 2004 general election, she led the election campaign for her party which won the most seats. On her birthday, here are some of her rare photos of Sonia Gandhi.
On their wedding day
Rajiv Gandhi and Sonia Gandhi with their wedding cake in New Delhi in 1968 while the late Prime Minister Indira Gandhi speaks to them. Photo: YOU
With Rajiv Gandhi
In this file photo, Sonia Gandhi can be seen with her late husband Rajiv Gandhi at an event. Photo by Neeraj Paul / BCCL
Congress President Rajiv Gandhi with Sonia Gandhi waves during Sadbhavana Yatra which started at the Red Fort in New Delhi on October 2, 1990. Photo: Hari Om Gulati / BCCL
With the family
The late Prime Minister Indira Gandhi gives Varun Sanjay Gandhi a warm hug before his departure for an overseas visit from New Delhi airport Photo by P Dayal / BCCL
Sonia Gandhi holds a young Rahul Gandhi in her arms. Photo: D Kumar / BCCL
Tribute to Veer Bhoomi
Sonia Gandhi, her son Rahul and her daughter Priyanka pay tribute to Veer Bhoomi on the anniversary of the death of Rajiv Gandhi on May 21, 1993, in New Delhi. Photo: SK Chadha / BCCL
Gestures to a family member
Sonia Gandhi, wife of former Prime Minister Rajiv Gandhi, gestures to a family member at Teen Murti House on May 23, 1991, in New Delhi. Photo: BCCL
Sonia Gandhi receives the Indira Gandhi Prize
Sonia Gandhi receiving the Indira Gandhi Prize for National Integration for the late Rajiv Gandhi from Prime Minister PV Narasimha Rao in New Delhi on October 31, 1991. Photo by Hari Om Gulati / BCCL
Address a campaign rally
Sonia Gandhi addressing a campaign rally at Shivaji Park in Mumbai in February 1998. Sharad Pawar, Chhagan Bhujbal, Murli Deoro and Rahul Gandhi can be seen in the photo. Photo: Archives de la TOI