Gold Silver Reports (GSR) — Need More Clarification On The Videocon Transaction, Says Hemindra Hazari — The main question is “whether the board was aware that Chanda Kochhar’s husband has business dealings with the Videocon group,” said Independent Banking Analyst Hemindra Hazari.
Key points he made…
✅ Videocon has been a borrower from ICICI Bank since the 1990s
✅ Videocon’s rating never went higher than BBB, so the bank should clarify why a large loan was given
✅ A bank’s managing director has huge bearing on disbursal on giving of loans despite not being chairman of credit committee.
Read More: Need More Clarification, Says Hemindra Hazari
“It is very disappointing when the chairman of such a big bank comes for a press meeting, reads a statement and walks out without taking even one question,” he said, adding that more clarity on the transaction is needed.