MUMBAI: Former ICICI BankNSE -0.56 % CEO Chanda Kochhar’s fate was sealed after her husband acknowledged dealings with the VideoconNSE -4.76 % Group continuing over several years in April last year and the board found it difficult to believe her explanation of the sequence of events leading up to the disclosure.
Conversations with officials having direct knowledge of the events show the board lost faith in Chanda Kochhar after her husband’s disclosures and her own attempts to explain the lack of transparency.
Deepak Kochhar, Chanda’s husband and the man at the centre of the controversy, wrote to the board in April 2018 acknowledging his relationship with the Videocon Group. The disclosure came a few weeks after media reports about alleged conflict of interest and the relationship between him and Videocon Group.
