In what could be called a spirited defence of his wife and the CEO of ICICI Bank in the Videocon loan case, Deepak Kochhar on Friday said the allegations of favouritism on Chanda were ruining her 30-year career and the family’s reputation. Chanda Kochhar and Deepak Kochhar are in the eye of the storm after ICICI and Videocon investor and whistle-blower Arvind Gupta alleged that the ICICI Bank declared Rs 2,810 crore outstanding loan to Videocon Group as NPA (non-performing asset) months after Deepak Kochhar amassed huge wealth through shady transactions with Videocon Chairman Venugopal Dhoot.
The ICICI Bank chief was accused of favouritism, conflict of interest and quid pro quo. However, Deepak on Friday said that Chanda was not even aware of his business dealings with Dhoot. Deepak said: “Where is the conflict of interest? ICICI Bank will have relationship with all top corporate in India. If I can’t touch any corporate who deals with ICICI, is it fair to me? Can I function like this? I am a Bajaj MBA and a Harvard Alumni. I am an educated professional. Should I sit at home just because my wife is the CEO of ICICI?”
Chanda Kochhar joined the ICICI in 1984 as a management trainee and was elevated to the Board of Directors of ICICI Bank in 2001. She was instrumental in establishing ICICI Bank during the 1990s. In 2009, Chanda was elevated as the Managing Director and CEO of ICICI Bank.
The ICICI bank chief has been featured in ‘The World’s 100 Most Powerful Women’ list by Forbes International for seven consecutive years and the ‘Most Powerful Women in Business’ list by Fortune India for five consecutive years. In 2015, TIME magazine named her among the ‘100 Most Influential People in the world’.
Deepak Kochhar is the co-founder and Chief Executive Officer of NuPower Renewables which was set up in December 2008. NuPower Renewables was originally founded as a 50-50 JV between Videocon Group’s Venugopal Dhoot family and Kochhar and Advani families (Chanda Kochhar’s brother, Mahesh Advani). Around that time Chanda Kochhar was the CFO and Joint MD at ICICI Bank.
Deepak Kochhar was a financial services entrepreneur before he co-founded NuPower. He studied Masters in Finance from the Jamnalal Bajaj Institute of Management Studies, Bombay University. That’s where he met Chanda Advani(Chanda Kochhar’s original name). He is also an Alumnus of Harvard Business School – Graduate of the Advanced Management Program (AMP).
Also read:ICICI-Videocon case: Chanda did not know about NuPower tie up with Dhoot, says Deepak Kochhar