Kochhars’ business links with Videocon dates back to early 1990s at least
Moneylife Digital Team 11 April 2018
Contrary to media statements, family of Chanda Kochhar, Managing Director (MD) and Chief Executive (CEO) of ICICI Bank and Venugopal Dhoot owned Videocon group, had shared business relations for the past 24 years, at least. The relationship between brothers Deepak and Rajiv Kochhar and Videocon group dates back to 1994-95. Check the below article from Sucheta Dalal published on 15 April 1996 in The Times of India. 
The article says, "Starting with a modest net income of Rs17.04 lakh in 1992-93, it saw a quantum leap income to Rs9.36 crore the very next year. In 1994-95, this little company raised a hefty Rs1,200 crore of short term funds for its clients. In 1994-95, it placed 10 lakh equity shares at Rs90 per share with the Videocon group. Videocon's finance director SK Shelgikar is on Credential's Board."
Interestingly, Credential Finance, which was set up as Bloom Field Builders and Construction Co Ltd, did not disclose all such details in its red herring prospectus and still managed to get listed on the bourse. Credential Finance, last traded in 26 December 2001 on the BSE. The records from BSE show the company was 'compulsory delisted' on 23 August 2017.
According to a report from Mint, Ms Kochhar and six members of the family held shares in Credential Finance, along with Videocon. “A total of seven members of the Kochhar family—including Chanda Kochhar, her husband Deepak Kochhar and his brother Rajiv Kochhar—together held a 2% stake in Credential Finance, its shareholding pattern for that year (2001) filed with the Registrar of Companies (RoC) in 2007 showed. In the same year (2001), Venugopal Dhoot’s Videocon International Ltd held 17.74% and its associate firm Joy Holdings held 0.8% in Credential Finance. Another major shareholder was Mahesh Chandra Punglia, holding 0.8%,” the report says.
Punglia, who was employee of Videocon and later provided consultancy to the group, was questioned by the Central Bureau of Investigation (CBI) in the ICICI Bank-Videocon loan case. Since 15 January 2009, Punglia is also a Director in the NuPower Renewables Pvt Ltd, the company founded by Mr Deepak Kochhar, husband of the ICICI Bank chief.
Abhijit Gosavi
6 years ago
You’re what they call a canary in the mine! I’m pretty sure it’s not easy to find a journalist of your integrity in India.
Mahesh S Bhatt
6 years ago
Purana Match fixed abhi pakda Mahesh
Krishnan Hariharan
6 years ago
ICICI Bank is supposed to be a role model for both PS and private sector banks! The recent exposures reveal even this pace setter is untrustworthy. The CEO should come out clean or step down if allegations prove right (which seems to be the case). God save our financial institutions.
Veeresh Malik
6 years ago
For every borrower gone bad loan or NPA, there are 1000s or lakhs of depositors who are left carrying the loss. Our bankers in India appear to have forgotten this basic simple fundamental as they continue to take us for granted.

So - what is a "bad loan" or "NPA" in India and why are our Indian bankers so hell-bent on protecting people who have gone bad-loan or NPA?

A "bad loan" or "NPA" in India is defined as the sum product of systematic collusion between the Three Bs (Banker, Borrower, Bureaucrat) working in synchronisation with each other to shaft the other Indians.

At one time, bad loans/NPAs could be paid back to some extent as the rupee kept going weaker and weaker, generating more rupees for forex stacked abroad, but the real estate crash as well as stronger rupee put an end to that.

Now that's not possible and more than anything else, the concept of an escape route in the hands of the bankers has been removed, to the point that a very senior person in the finance line was telling me how the buzz is that there is no value in post-retirement posts in the loan re-structuring game anymore.

So why would our Bankers object to new rules imposed post Nirav Modi wherein they now have the powers to start recovery proceedings as per a set sequence?

Samjha karo. What will be the value of a job in banking if everything is done as per a system? Who will bring gifts for wedding of their children any more?

Amazing, this attitude by the caretakers of our money!!
K C Gangadhar
6 years ago
Awesome work by Sucheta Dalal. The fig leaves are coming off one by one. How long before the ICICI Board decide to dump?
D S Ranga Rao
6 years ago
So, obviously, the long-standing and the deep rooted nexus between the ICICI bankers, their relatives and the Videocon has been well established beyond any doubt. Why delay in bringing the case to its logical conclusion, including recovery of the lost funds?
Deepak Narain
6 years ago
Something fishy is there , no doubt. It remains to be seen how the wrong-doers will manage to escape. If investigation will be done honestly and sincerely, many more worms will be found. The ultimate test is recovery of the lost public money. The culprits should be put behind bars and stopped from influencing the investigation.
S Santhanam
6 years ago
Stepping down from the position of CEO is simply avoiding any criminal prosecution. Due diligence followed by forensic audit of her connection with videocon and her husband and other loans extended during her tenure should be done.
Onkarnath Adiga
6 years ago
You are genius until you are caught for wrong doings. Held in awe as lady chairperson of ICICI Bank, the reality is grim and of concern with respect to corporate governance. God help this country.
ashok s
6 years ago
The other day Mr Deepak told that his his wife has no idea about Vinod involvement in Nupower company. the article has nailed the matter that vinod of videocon was associated with her husbands ventures.Mrs Chandakochar should step down forth with as ICICI shares ave alreadry lost its value and the concerned should make good the loss to
its shareholders
Rajendra Ganatra
6 years ago
The nexus is clear. Chanda Kochhar's knows her time is up. I am surprised that she is still clinging. Behind every failed woman there is a man!
Hussain Ali
6 years ago
If top corporates and bankers as of such people follow unethical practices, I believe it's high time for India's financial structure and der regulatories.
6 years ago
The more ICICI and Chanda Kochar want to hide, more and more it reveals. Where is the corporate governance in ICICI and Axis which P J Nayak committee highlighted as a virtue of private Banks gone. It is
high time Ms. Chanda Kochar steps down from the post and facilitate a transparent enquiry. When SC has ruled that the acts of top management in pvt. Banks also attract the Prevention of Corruption Act, why CVC is keeping quiet. What prevents CBI in taking swift actions. This will be a test case for NDA Govt. to prove what it means by transparency and good governance.
Balakrishnan S
Replied to PRAKASH D N comment 6 years ago
She won't unless forced or sacked.
Bec as ceo she can use her office to whitewash and close the investigation-money,influence of third parties,etc.
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