India's second largest private bank came out in full support of its chief executive Chanda Kochhar , rubbishing reports of wrongdoing in loans given to debt-laden Videocon . The loan was disbursed to an escrow pool account and not directly to Videocon group. "Sharma said Kochhar was not the chairperson of the committee that sanctioned the loan to the Videocon Group. The company ownership was transferred as a quid pro quo for loans, Gupta said.The bank has denied any such nexus. “The board desires to clarify that none of the investors of NuPower Renewables are borrowers of ICICI Bank,” it said.

Source: Economic Times March 29, 2018 11:48 UTC