The year-ender bonus of Chanda Kochhar, who is at the centre of the controversy over ICICI bank's loan to Videocon group, has reportedly been delayed. A Bloomberg report said that the RBI has not cleared the proposal for the payment of bonuses to Kochhar, ICICI bank's MD and CEO, and Axis Bank chief Shikha Sharma.
ICICI's board had approved a bonus of Rs 2.2 crore for CEO Chanda Kochhar while Axis Bank's Shikha Sharma was set to receive Rs 1.35 crore, said an ET report. HDFC Bank chief Aditya Puri's bonus has also reportedly been delayed.
Kochhar came under scrutiny after reports questioned a loan by ICICI bank to Videocon Group and linked it to a possible quid pro quo that Videocon Group Chairman Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochchar, Chanda Kochhar's husband. According to reports, Axis bank hadn't disclosed bad loans worth about Rs 5,600 crore.
Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured a loan from a consortium of banks, including ICICI. ICICI, India's third-largest lender, has denied any wrongdoing in the loan, saying it was part of a consortium of lenders that extended the facility to Videocon. It also backed Kochhar saying "there is no question of any quid pro quo/nepotism/conflict of interest as is being alleged in various rumours".