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Chanda Kochhar accused of 'misleading' RBI in investigations

May 03, 2019 13:07 IST

Skeletons continue to fall out of the closet for Chanda Kochhar. The former CEO of ICICI Bank is alleged to have “misled” the RBI in 2014 on a $365-million loan disbursed by the bank to a Mauritius-based holding company of Essar Steel Minnesota LLC, even as the central bank found several “irregularities” in the lending. Kochhar, according to investigators, violated her fiduciary duty under the Companies Act 2013 and SEBI listing norms by making “inaccurate and misleading statements” to the RBI. Essar Group is one of the largest borrowers of ICICI Bank.

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