Ex-ICICI Bank CEO Chanda Kochhar held guilty in Rs 640000000 bribery for approving Rs 300 Crore loan
This order overturns the earlier clean chit she received from the PMLA Adjudicating Authority and supports the Enforcement Directorate's (ED) provisional attachment of her assets, framing the transaction as a prima facie case of money laundering. Conflict Of Interest In Kochhar's Approval To Videocon
The Tribunal showed a clear conflict of interest in Kochhar's approval of the loan. Shortly after disbursing the funds to a Videocon entity, Rs 64 crore was traced to NuPower Renewables Pvt. Ltd. (NRPL), a company promoted by her husband Deepak Kochhar. This sum was funneled via Supreme Energy Pvt. Ltd. (SEPL), which is reportedly linked to Videocon's promoter Venugopal Dhoot. While the Tribunal acknowledged that a final determination rests with the Trial Court, it concluded there was sufficient preliminary evidence to justify the attachment order under money laundering charges.
The bench of the Appellate Tribunal, while delivering its findings, stated that it could not accept the justification offered by Chanda Kochhar for presiding over the committee meeting that sanctioned a Rs 300 crore loan to the Videocon Group, an entity she was familiar with. The tribunal observed that Kochhar could not claim ignorance of the relationship and, therefore, her participation in the loan sanctioning process was in clear violation of ICICI Bank's internal rules and policies. Rs 64 Crore Fund Diversion To NRPL
The tribunal further noted that immediately after the disbursement of the Rs 300 crore loan, a sum of Rs 64 crore was diverted to NuPower Renewables Pvt. Ltd. (NRPL), where Deepak Kochhar, the respondent and husband of Chanda Kochhar, was managing the company. He held 95% stakes in Supreme Energy Pvt. Ltd. (SEPL), which in turn controlled NRPL. Notably, V.N. Dhoot resigned from SEPL on January 15, 2009, transferring control of the company to Deepak Kochhar.
In its order, the tribunal criticized the Adjudicating Authority for ignoring evidence and instead relying on irrelevant considerations. It stated that the Authority had disproportionately focused on the shareholding structure of NRPL while overlooking the fact that Deepak Kochhar was the Managing Director and in full control of the company's operations. This was further supported by the statement of V.N. Dhoot recorded under Section 50 of the Prevention of Money Laundering Act (PMLA), 2002, wherein he categorically affirmed that Deepak Kochhar was running the affairs of the company.
(With Inputs From ANI)
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