A committee headed by the chief executive of a large bank sanctions a loan to a large company. Nothing unusual about it. A day after the loan is sanctioned, the large company transfers an amount equal to 20% of the loan to a small company belonging to the husband of the CEO of the large bank. Surely, eyebrows must go up.
Last fortnight though, the adjudicating authority under the Prevention of Money Laundering Act appeared to give a clean chit to the said CEO, former ICICI Bank boss Chanda Kochhar, in the charge related to a Rs 300-crore loan given …
Sundeep Khanna has, in a career spanning three decades, donned multiple hats across corporate and editorial roles, and is one of the foremost chroniclers of business in India. In his last assignment, he was executive editor of the financial daily Mint; for The Morning Context, he will write on corporate governance in India every fortnight in his newsletter, Friction.
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