Who was wrong about Kochhar?

The investigative agencies of India are reviewing Ms Chanda Kochhar case (Former CEO of ICICI Bank) in case of Videocon Loan sanction.

Moneylife has extensively covered the episode and they are worth reading.

Some questions to think about:

• Why no one is asking any questions about Mr. KV Kamath (Former CEO of ICICI Bank)?
• Success of CEO is measured by succession planning and Mr. Kamath has failed in it?
• Was Ms Kochhar alone in this or she was walking on a familiar path?
• Does this episode expose the abject failure of Board?
• Is board a dummy set up in Indian companies?
• How the boards should be penalized for giving a false clean chit?
• What about the members in the Credit Sanctioning Committee should they not be penalized?
• Is majority of the lending institutions have a similar Credit Sanctioning Committees?

KV Kamath statement on Ms Chanda K:

"Of all the people I have mentored, Chanda is my favourite," says Kamath. "She knows how to manage her priorities. However challenging the assignment, she always delivered. I just had to keep giving her bigger opportunities." 

It appears KV Kamath was on the wrong foot especially about Ms Chanda Kochhar.

I only hope Ms Chanda Kochhar spills out some thing which will give out the true picture. Also, agencies should not stop going deep and give a small nudge to Ms Kochhar and say investigation is over.

Some people think that the truth can be hidden with a little cover-up and decoration. But as time goes by, what is true is revealed, and what is fake fades away. - Ismail Haniyeh