Case timeline

By timelineman123

  • Kochhar joins ICICI as a management trainee

    ICICI operated as a development finance institution that provided project financing to businesses in India

  • ICICI and Videocon begin a financing relationship

    ICICI's credit rating for Videocon was at BBB or lower, however

  • ICICI becomes a banking operation

  • Kochhar becomes a board member of ICICI

  • NuPower is founded

    By Dhoot and Kochhar's husband

  • Kochhar appointed CEO of ICICI

    She handled the GFC crisis well, considered a stabilizing force

  • Dhoot resigns from NuPower

    He also transfers his 25,000 shares to Kochhar's husband for $3,500
  • Period: to

    Kochhar allegedly sanctions loans for Videocon

    Videocon makes a deal with NuPower in return
  • Period: to

    ICICI's operating profit increases from $1.36 billion to $2.65 billion

    NPA grows 461%, lower than the industry average
  • Period: to

    Kochhar is on ICICI's credit committee for loan approvals

    There were seven loans, she was present for three of them:
    $42 million in 2009
    $105 million in October 2011
    $455 million in 2012
  • Period: to

    Kochhar receives about US$30 million in bonuses and stock options

    The ICICI's new board chairman, Girish C. Chaturvedi, would later demand this money's recovery.
  • Period: to

    ICICI disburses six loans to Videocon, totalling $243 million

  • ICICI sanctions a $42 million loan for Videocon's subsidiary

  • Period: to

    Videocon's total debt increases from $1.69 billion to $3.13 billion

    Investment did not increase proportionally, however
  • Period: to

    Videocon's profits after tax constantly decreases from $0.06 billion to -$0.19 billion

  • The $42 million loan is disbursed

  • NuPower receives a loan of $9 million from Supreme Energy, which is owned by Dhoot

  • Period: to

    Gupta is an investor in Videocon

  • Period: to

    Share transfers are made between Supreme Energy, NuPower and Pacific Capital

    Pacific Capital is a company owned by Kochhar's relatives
    This resulted in Supreme Energy being a 94.9% shareholder in NuPower

  • Dhoot transferrs his holding in Supreme Energy to Mahesh Punglia

    Transfer transaction value was $12,600

  • ICICI disburses a $105 million loan to Videocon

  • Videocon receives a $455 million loan from ICICI as part of a total $5.6 billion loan provided by 20 banks

    The consortium of banks was led by the State Bank of India (India's largest bank)

  • Punglia transfers his holding to a trust called Pinnacle Energy, where Kochhar's husband was a managing trustee

  • Kochhar proposes special options as a retention tool for herself and the top management team

    ICICI's board approves it immediately - note the share price as at an 18-year low and serious questions were being raised about the bank's growth strategy.

  • Credit Suisse says Videocon is one of the top 10 business groups with the highest debt in India

  • Kochhar questioned about nepotism by ICICI chairman M.K. Sharma

    Denied knowledge husband's dealings with Dhoot
    ICICI then engages Cyril Amarchand Mangaldas to investigate allegations
    The law firm found no evidence, so Sharma announces that there is nothing wrong
    No conflict of interest as Kochhar was only one member of the committee that approved the loan and Videocon is not an investor in NuPower

  • PM refers issue to RBI, who ruled that it was difficult to establish any conflict of interest about the loans

    RBI could not find the sources of funding in some transactions involving NuPower

  • Investor accuses CEO/managing director of nepotism and conflict of interest

  • Gupta tells the Prime Minister of India and the RBI of his findings

    Videocon was nearing a crisis and would become NPAs of ICICI
    ICICI still offers Videocon financial support due to nepotism
    Dhoot's $1.55 million political contribution should not deter the start of an investigation into the transfers
  • Period: to

    ICICI board supports Kochhar

  • Kochhar ranked 5th on the Forbes' list of The World's Most Powerful Women in Finance 2017

  • Kochhar ranked 32nd in the Forbes list of The World's 100 Most Powerful Women 2017

  • Videocon's loans with ICICI is 86% unpaid

  • Videocon's total debt is $7.03 billion

  • Videocon's profit after tax is -$0.91 billion

  • Kocchar accused by CBI for a possible conflict of interest

    Kochhar's brother-in-law Rajiv Kochhar performed debt-restructuring tasks on behalf of bad corporate borrowers from ICICI, which included Videocon
    Rajiv not considered a relative under the law

  • SEBI and CBI open preliminary investigations

    Against Kochhar, her husband, Dhoot (Videocon owner), etc.

  • SEBI interrogates Dhoot, Kochhar, and her relatives

    Uncovered deals involving Dhoot and ICICI that raised the issue of conflict of interest
    Kochhar found to be not compliant with the provisions of the listing agreement, and the bank was complicit in ensuring its directors comply with the listing rules
    Adjudication was recommended, and SEBI was going to levy fines of up to $3.5 million on ICICI and $0.14 million on Kochhar
    Kochhar says she only found out about her husband's business dealings after she found out the above

  • ICICI opens internal investigation against Kochhar

    Led by retired judge of India's Supreme Court, B.N. Srikrishna
    Kochhar was asked to go on indefinite leave
    Kochhar receives full compensation, shocking people
    The board could have discussed her compensation for the period when she is not at work
    Directors were missing during meeting, including the government nominee and an independent director ("The government wants to keep intervention to a minimum in the case of ICICI Bank")

  • Sharma no longer ICICI chairman

  • Changes are made in ICICI board

  • Chaturvedi is appointed as the bank's new chairman

    In addition to the new chairman, three new directors were appointed: Rama Bijapurkar, a reputed market strategist; B. Sriram, a former SEBI senior executive; and V.K.Sharma, the ex-chairman of Life Insurance Corporation of India, who was not known to be a Kochhar loyalist. V.K. Sharma was theonlyboard member who had a reputation for “speaking his mind,” or openly disclosing his opinion. The rest of the board, under the ex-chairman of ICICI, were considered to be somewhat pliant.

  • Kochhar asked to resign from ICICI

  • Chaturvedi asked Kochhar to submit her resignation by 3pm

    Kochhar sent a letter with her achievements, Chaturvedi threatened with announcing the resignation to the media, Kochhar resigns
    ICICI's share price increases by 3%
    Sandeep Bakhshi, who headed ICICI Prudential, was made CEO and managing director of ICICI

  • ICICI board reverses support of Kochhar

    This follows the release of the Srikrishna inquiry report, says Kochhar is guilty of violating the bank's code of conduct by not making adequate disclosures.

  • CBI says they may also interrogate other top officials for their roles on the credit committee due to the loans in 2012

    Arun Jaitley, the Finance Minister of India, asks for CBI to show "professionalism" in its investigations
    A legal consultant at NIPFaP says CBI was suffering from confirmation bias
    RBI saus the conflict of interest can only be confirmed if one could find the source of funding from Videocon to NuPower (if it was from Indian banks, then this is siphoning funds)

  • Srikrishna's internal investigation committee submit their report

    Resignation deemed as :Termination for Cause"
    ICICI revoked all fringe benefits that Kochhar availed, such as unpaid bonus, medical benefits and unexercised stock options
    She was asked to repay all bonuses she had received between April 2009 and March 2018

  • ICICI appealed to SEBI to decouple the bank from Kochhar's case

    No, as ICICI was susceptible to class action lawsuits in the US