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The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party has levied fresh allegations against <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, calling her a perfect case of the office for profit. This refers to a position that brings some financial gain, or advantage to the office holder, which in this case was Buch's position as a whole-time member of <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, and then post 2022, as the regulatory body's chairperson. In a press conference in New Delhi on Monday, Pawan Khera, Chairman, Media and Publicity Department, Congress, charged Buch of receiving regular income from private lender <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="47860" type="General" weightage="20" keywordseo="ICICI-Prudential" source="Orion">ICICI Prudential</keyword>, India's second largest asset management company, all while being the whole-time member and later Chairperson of the capital markets regulatory body. "She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank," alleged Pawan Khera, at the press briefing. The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, <keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>, and <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> on ESOPs. According to the Congress' allegations, in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential. In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential. In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank. In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential. The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson. Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank. "The person sitting at the top of the regulator is taking salaries from another entity," Khera alleged, adding it was a perfect case of "office for profit". "So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?," Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI. "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," Khera added. The SEBI Chief is yet to react to the charges made by the Congress in Monday's news conference. Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI. Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in "both the obscure offshore entities used in the Admoney siphoning scandal." Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations. In the joint statement released to the media they said, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course." "It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," the statement from Madhabi Buch and her husband Dhaval Buch read.

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

Assets worth Rs 78 crore have been attached by the ED in connection with a <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword> probe against former ICICI Bank Chairman Chanda Kochhar and others, officials said on Friday. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of the properties that includes Kochhar's Mumbai-based house and some other assets belonging to a company linked to her, they said. The book value of the attached assets is Rs 78 crore, they said. The Enforcement Directorate (ED) is probing Kochhar, her husband Deepak Kochhar and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.

Chanda Kochhar's assets worth ₹78 crore attached by authorities in connection with a money laundering case

<ul><li>Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022</li><li>His lawyer, Sandeep Ladda, had filed this petition in the court days after Chanda and <keyword id="2621036" type="General" weightage="80" keywordseo="deepak-kochhar" source="Orion">Deepak Kochhar</keyword> were granted bail.</li><li>The Kochhars were granted bail on the grounds of "illegal arrest by CBI".</li></ul> <keyword id="6379256" type="General" weightage="80" keywordseo="videocon-group" source="Orion">Videocon Group</keyword> Chairman <keyword id="7025" type="General" weightage="80" keywordseo="venugopal-dhoot" source="Orion">Venugopal Dhoot</keyword> was granted bail by the Bombay High Court on Friday in the alleged loan fraud case related to <keyword id="42456" type="General" weightage="100" keywordseo="icici" source="Orion">ICICI</keyword> Bank. Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022. Venugopal Dhoot's lawyer Sandeep Ladda had filed this petition in the court days after the prime accused, former ICICI CEO <keyword id="45875" type="General" weightage="80" keywordseo="chanda-kochhar" source="Orion">Chanda Kochhar</keyword> and her husband Deepak Kochhar, were granted bail on the grounds of "illegal arrest by CBI". CBI has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to get the ownership of Nupower Renewables Ltd (NRL) and receive ill-gotten money. CBI had registered a preliminary enquiry (PE) against Deepak Kochhar and Dhoot in March 2018 to probe alleged irregularities in the Rs 40,000 crore loan made by a consortium of lenders to the Videocon Group. The agency had registered a case against Chanda, her husband and Venugopal Dhoot, along with their companies viz NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited. During its preliminary enquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe. The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indian-internet-firms-see-ray-of-hope-as-sc-endorses-nclat-order-against-google/articleshow/97157917.cms">Indian internet firms see ray of hope as SC endorses NCLAT order against Google</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/peegate-scandal-disagree-with-findings-say-shankar-mishras-lawyers-after-air-india-ban/articleshow/97160398.cms">Peegate scandal: Disagree with findings say Shankar Mishra's lawyers after Air India ban</a>

Bombay HC grants bail to Venugopal Dhoot in ICICI loan fraud case

<ul><li>The stock of ICICI Bank jumped by 4% in early trade, due to strong quarterly earnings.</li><li>The bank not only posted strong growth in profits but also managed to reduce the amount of bad loans.</li><li>Global broking firm CLSA called the numbers as a sign of turnaround in the bank that has been hamstrung in recent years by rising bad loans and allegations of a financial scandal.</li></ul> The stock of ICICI Bank jumped by 4% in early trade, worth over ₹10,600 crore ($1.5 billion), on the first trading day, after it announced better-than-expected earnings. The bank not only posted strong growth in profits but also managed to reduce the amount of bad loans. Global broking firm CLSA called the numbers as a sign of turnaround in the bank that has been hamstrung in recent years by rising bad loans and allegations of a financial scandal. ICICI Bank posted a consolidated net profit of ₹2,513 crore for the quarter ending June 2019, which is a massive increase on the stressed quarter it experienced last year where it posted a mere ₹4.9 crore in profit. It is also fair improvement on the ₹1,170 crore profit posted three months ago. Signs of recovery But that is not the only thing which could be driving the stock which was trading at ₹432.8 at 11 am, on Monday (July 29). The country’s largest private bank is showing strong signs of recovery. This quarter its net interest income went up by 27% to 7,737 crore from last year. More importantly, the bank has made lower provisions which are made to cover for bad loans, at ₹3,496 crore as compared to ₹5,971 crore last year. “ICICI is exiting the corporate non-performing loans cycle, reflected in the 31% year on year fall in slippage and some upgrades below-rated loans to the steel industry). Moreover, its rise in better-rated clients and low exposure to new stressed corporates will insulate from risks,” said a report by CLSA. Improved loan book All of its top 20 loans are rated A- or better, according to the brokerage which gave the stock a ‘Buy’ rating, as it see 2019-20 as the year of turnaround. The brokerage predicts that its shareholders will be able to make as much as 15-16% returns from the stock, as the company chugs on its path to recovery. “As structural changes become more entrenched at the bank , ICICI Bank’s reported financials will improve and stabilise. Continuous stability and improvement in core parameters underpin our thesis of its trajectory towards normalized earnings,” said a report by HDFC Bank. ICICI has been emerging from last year’s revelation of bad loans weighing on its books year. Adding fuel to fire is a scandal involving its long-time CEO Chanda Kochhar , who allegedly gave loans to Videocon Group <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">in exchange for favours</a>. An Enforcement Directorate probe is still underway in the case. Kochhar was later ousted and asked to pay back all her hefty bonuses as well.

ICICI Bank shares gain over a billion dollars in value after signs of turnaround

<ul><li>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the RBI. </li><li>Aside from SBI, the Reserve Bank of India is also in talks with other private investors to rescue the bank. </li><li>Private investors who get shares of Yes Bank cannot have to retain 75% of their stake for three years.</li></ul>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the Reserve Bank of India (RBI). "It will protect depositor's interest, revive the troubled bank, and stabilise India's financial system," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said. Separately, ICICI Bank said that the board has approved for an equity investment of up to ₹10 billion in equity shares of Yes Bank. The rumour mill in the market was expecting more investment in Yes Bank from the state-owned Life Insurance Corporation of India (LIC). However, the Finance Minister clarified that the RBI is in talks with other private investors to rescue the bank The authorised capital of Yes Bank has been raised manifold to ₹6200 crore from the current ₹1,100 crore current. The limit on withdrawals by depositors will be lifted on the third working day after the official notification of the cabinet decision, at 6 pm. The Reserve Bank of India placed Yes Bank under moratorium and capped the withdrawal by depositors at ₹50,000 till April 3. 
 
 
 
 
 
 
 
 
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 The State Bank of India (SBI) will buy 725 crore shares in Yes Bank at ₹10 per share, which adds up to an investment of ₹7,250 crore, giving the country's largest bank a 49% stake in the troubled private bank. The SBI will not reduce its holding below 26% for at least three years from the date of investment. Those private investors who get shares of Yes Bank cannot sell 75% of their stake for three years. "A new board, having at least 2 directors of SBI, will take over within 7 days of the issuance of notification," Sitharaman added. The decision has come a day before the much-awaited quarterly earnings, which have been delayed by a month, from Yes Bank. The numbers are expected to reveal the depth of the rot in the bank which has gone from being one of the country's top banks to embattled one, neck-deep in bad loans, and one with a history of scandals under its earlier promoter Rana Kapoor who was recently forced out by the RBI. With the money of millions of Indian depositors stuck at the bank, the government and other authorities have come together to rescue the bank and stop it further wrecking India's financial system. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms" data-type="tilCustomLink" target="_blank">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms" data-type="tilCustomLink" target="_blank">Finance Minister assures employment and salary at Yes Bank at least for one year</a>

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

<ul><li>The ED has been probing the Kochhars and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.</li><li>As the CEO of <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="45875" type="PERSON" weightage="20" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> had sanctioned a ₹3,250 crore loan to Videocon Group in 2012 and itwas eventually declared non-performing in 2017. It is suspected that the loan, which eventually turned sour, was given in lieu of kickbacks guised as investments. </li><li>The infamous scandal, which was brought to light in early 2019, ended the illustrious career of Chanda Kochhar, who was at one time India's most celebrated banker.</li></ul><keyword id="2621036" type="PERSON" weightage="20" keywordseo="Deepak-Kochhar">Deepak Kochhar</keyword>, the husband of former ICICI bank chief Chanda Kochhar, has been arrested by the Enforcement Directorate for alleged money laundering in connection with the ICICI-Videocon loan case. The ED has been probing the Kochhars and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group. Earlier this year, the investigating agency had <a href="https://www.businessinsider.in/business/news/chanda-kochhars-assets-worth-78-crore-attached-by-authorities-in-connection-with-a-money-laundering-case/articleshow/73191155.cms" data-type="tilCustomLink" target="_blank">frozen Chanda Kochhar's assets</a> worth ₹78 crore. As CEO, Kochhar sanctioned a ₹3,250 crore loan to Videocon Group in 2012 and it was eventually declared non-performing in 2017. In 2008, the promoter of Videocon Group, Venugopal Dhoot, set up a multi-crore venture with Kochhar’s husband, Deepak, and two of her relatives called NuPower Renewables Pvt Ltd. Six months after receiving the loan from ICICI Bank, Dhoot transferred his ownership in the company to a trust headed by Deepak Kochhar for a meagre amount. Following Kochhar’s resignation, ICICI’s contingency plan has kicked into high-gear. Sandeep Bakshi, who was made <a href="https://www.businessinsider.in/heres-all-you-need-to-know-about-icici-banks-new-coo-sandeep-bakshi/articleshow/64647983.cms">the COO</a> after Kochhar went on leave, has been named as the bank’s new CEO and MD for a period of five years. The infamous scandal, which was brought to light in early 2019, ended the illustrious career of Chanda Kochhar, who was at one time India's most celebrated banker. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/charter-flight-private-jet-bookings-jump-as-india-wealthy-seek-private-and-safe-travel/articleshow/77976899.cms">Where there's money, there's a way – charter flight bookings jump as India's wealthy seek private and safe travel</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-consumer-is-now-the-third-most-valued-tata-company-after-tcs-and-titan-and-analysts-expect-more-premium-ahead/articleshow/77975339.cms">Tata Consumer is now the third most valued Tata company — and analysts expect more premium ahead</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/stack-overflow-is-using-its-85-million-to-boost-teams-and-it-wants-to-use-it-to-crack-the-india-market/articleshow/77972020.cms">EXCLUSIVE: Stack Overflow is using its $85 million to boost Teams — and it wants to use it to crack the India market</a>

Deepak Kochhar, husband of former ICICI bank chief Chanda Kochhar, is arrested in connection with Videocon loan case

<ul><li>On 4 October, <keyword id="45875" type="PERSON" weightage="20" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> resigned as the <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> and Managing Director of <keyword id="6653" type="COMPANY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, India’s largest private sector bank. </li><li>Kochhar has been embroiled in a conflict-of-interest scandal since March this year, and had been on leave since June pending the conclusion of an independent investigation into her dealings with <keyword id="6354248" type="COMPANY" weightage="20" keywordseo="videocon">Videocon</keyword>. </li><li>Sandeep Bakshi, who was made the COO after Kochhar went on leave, has been named as the bank’s new CEO and MD for a period of five years. </li></ul>An illustrious career ended with a whimper on 4 October as Chanda Kochhar, the CEO and Managing Director of ICICI Bank, India’s largest private sector bank, hung up her boots. She also relinquished her position on the various boards of ICICI’s subsidiaries. The resignation isn’t surprising. But it is significant, as it could be seen as an admission of guilt. Kochhar has been embroiled in a conflict-of-interest scandal since March this year, and had been on leave since June pending the conclusion of an independent investigation into the matter. The inquiry, which is led by former Supreme Court Judge Justice BN Srikrishna, is looking into the extent that Kochhar’s dealings with Videocon constitute <keyword id="46183" type="PERSON" weightage="20" keywordseo="Corruption">corruption</keyword> and misconduct. The story goes like this. As CEO, Kochhar sanctioned a ₹32.5 billion loan to Videocon Group in 2012. The loan was eventually declared non-performing in 2017 and to date, 86% of the principal amount remains unpaid. In 2008, the promoter of Videocon Group, Venugopal Dhoot, set up a multi-crore venture with Kochhar’s husband, Deepak, and two of her relatives called NuPower Renewables Pvt Ltd. Six months after receiving the loan from ICICI, Dhoot transferred his ownership in the company to a trust headed by Deepak Kochhar for a meagre amount. Following Kochhar’s resignation, ICICI’s contingency plan has kicked into high-gear. Sandeep Bakshi, who was made <a href="https://www.businessinsider.in/heres-all-you-need-to-know-about-icici-banks-new-coo-sandeep-bakshi/articleshow/64647983.cms">the COO</a> after Kochhar went on leave, has been named as the bank’s new CEO and MD for a period of five years. The investigation into Kochhar’s dealings is still ongoing, and isn’t likely to end well. It marks a sad end for a woman credited with facilitating the evolution of India’s retail banking sector. A high rise and hard landing Kochhar joined ICICI Limited as a management trainee in 1984 and slowly worked her way up the ranks. The company witnessed tremendous change in the 1990s, shifting from a project financier to a diversified financial services firm. Shortly after the establishment of ICICI Bank in 1994, Kochhar began overseeing the lender’s infrastructure finance and corporate banking operations. She then took over the ICICI’s international banking in the mid-2000s before being promoted to CFO and Joint Managing Director in 2007. In 2009, she was made the CEO and MD of the bank, becoming the first female and the youngest person ever to lead its operations, and in 2011, she was awarded the Padma Bhushan in recognition of her contributions to the banking landscape. Kochhar’s resignation is also a lasting contribution of sorts. It will likely set a precedent for better governance, compliance and oversight at India’s banks as regulators like the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> look to clamp down on instances of fraud and corruption.

It's the end of the road for Chanda Kochhar

<ul><li>The non-executive chairman of <keyword id="45660" type="DOMAIN" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, <keyword id="46928" type="PERSON" weightage="20" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, submitted his resignation on 14 November. </li><li>The move is a significant blow for Yes Bank, which was counting on Chawla to steady the ship ahead of the departure of CEO <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, whose tenure will not be extended past January 2019 following an order from the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>. </li><li>In July 2018, Chawla, who is a former secretary of the finance ministry, was named in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. </li></ul> Yes Bank, one of India’s largest private sector banks, hasn’t had an easy go as of late. Just a few months after the Reserve Bank of India (RBI) refused to extend the tenure of its CEO and founder Rana Kapoor, precipitating <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">a crash in its market value</a>, its non-executive chairman, Ashok Chawla, has resigned. On Wednesday, the bank <a href="https://www.yesbank.in/media/press-releases/yes-bank-announces-resignation-of-chairman-shri-ashok-chawla-from-board-of-directors">confirmed </a>the news of Chawla’s resignation, explaining that it needed a chairman that could devote more attention to the bank as it navigated the management transition period. The move is a significant blow for Yes Bank, which was counting on Chawla to <a href="https://www.livemint.com/Industry/ibwVz9TXbViawOxiyv6nhJ/Yes-Bank-chairman-Ashok-Chawla-looks-to-restore-investor-con.html">steady the ship</a> ahead of Kapoor’s departure. In September, RBI had refused to extend Kapoor’s tenure owing to lapses in governance at Yes Bank which led to under-reporting of non-performing loans under the RBI’s regulatory requirements that mandate all banks recognise and make provisions for bad loans in their balance sheets. Separately, Chawla, who is also the chairman of the National Stock Exchange of India (NSE) and a former joint secretary in the Ministry of Finance, is currently a person of interest in a <keyword id="46183" type="PERSON" weightage="20" keywordseo="Corruption">corruption</keyword> investigation. In July 2018, he was <a href="https://www.livemint.com/Companies/ADf3iTFpj1u3EAKd1pKvFM/Aircel-Maxis-case-Yes-Bank-wants-RBI-to-decide-on-Ashok-Cha.html">named </a>in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. That case is centred on the 2006 acquisition of a 74% stake in Indian mobile network operator Aircel, which was owned by C Sivasankaran, by Malaysian telecom firm Maxis, which is owned by T Ananda Krishnan. In 2011, Sivasankaran said he was forced into selling the stake in Aircel by India’s telecom minister, Dayanidhi Maran. It was subsequently found that a firm owned by Maran’s brother received a hefty payment from Maxis for facilitating the deal. Former Union Finance Minister P Chidambaram and his son Karti <a href="https://www.indiatoday.in/india/story/chidambaram-charged-in-aircel-maxis-case-is-accused-no-1-1375213-2018-10-25">have also been charged</a> with money laundering in the case. The RBI has sought to take a sterner approach towards corporate governance in recent times. In October, the CEO of ICICI Bank, Chanda Kochhar, was forced <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">to step down </a>amid a conflict-of-interest scandal. Yes Bank now has to scramble to find a new CEO and chairman. At the end of October, it had shortlisted <a href="https://www.livemint.com/Companies/oglYV7TdL2hm16ukNOsRlI/Yes-Bank-ready-with-first-list-of-names-in-Rana-successor-hu.html">more than 12 candidates</a> to succeed Kapoor, who term as CEO ends on 31 January next year. A final list is expected by the end of November. Meanwhile, owing to Chawla’s alleged involvement in the Aircel-Maxis case, the Securities and Exchange Board of India is reportedly in the process of deciding on whether or not he should continue as <a href="https://www.livemint.com/Companies/7BGhuMZHIvP8oyL4CZWjqI/Aircel-Maxis-case-NSEs-Ashok-Chawla-now-under-Sebi-probe.html">the chairman of the NSE</a>. SEE ALSO: <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">One of India’s largest private banks has lost more than half its market value in 37 days</a> <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">It's the end of the road for Chanda Kochhar</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a>

Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe

<ul><li>The protest is organised by the <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> Pay Coalition, co-convened by the <keyword id="1131320" type="General" weightage="50" keywordseo="uni-global-union" source="Orion">UNI Global Union</keyword> and the <keyword id="15617515" type="General" weightage="50" keywordseo="progressive-international" source="Orion">Progressive International</keyword>.</li><li>The coalition wants Amazon to pay its workers fairly and respect their right to join unions, in addition to others.</li><li>In India, the Indian Federation of App-based Transport workers (IFAT), Telangana Gig and <keyword id="13525614" type="General" weightage="50" keywordseo="platform-workers-union" source="Orion">Platform Workers Union</keyword>, Hawkers Joint Action Committee and Gig Workers Association are joining the protests.</li></ul>Supply chain workers of Amazon in India are protesting against the e-commerce giant as part of a global movement organised by the <keyword id="15617516" type="General" weightage="50" keywordseo="make-amazon-pay-coalition" source="Orion">Make Amazon Pay Coalition</keyword> on Friday, coinciding with the beginning of crucial <a href="https://www.businessinsider.in/business/ecommerce/news/black-friday-the-sales-scams-and-myths/articleshow/95764746.cms">Black Friday</a> sales. This is the third year of the ‘<a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">Make Amazon Pay</a>’ global protests – covering 40 countries. The Make Amazon Pay Coalition, co-convened by UNI Global Union and the Progressive International, is a coalition of over 80 unions, civil society organisations, environmentalists and tax watchdogs like Greenpeace, 350.org, <keyword id="1155271" type="General" weightage="50" keywordseo="tax-justice-network" source="Orion">Tax Justice Network</keyword> and Amazon Workers International. The coalition wants Amazon to pay its workers fairly and respect their right to join unions, pay its fair share of taxes and commit to real environmental sustainability. It <a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">charges</a> Amazon with “squeezing every last drop it can” from “workers, communities and the planet” in the face of the cost of living scandal, global debt crisis and climate emergency. “Real wages are going down while the corporation rakes in record revenue - $121 billion for the second quarter of 2022 - and doubles down on its union-busting tactics,” the coalition said on its <a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">website</a>. In India, the Indian Federation of App-based Transport workers (IFAT), Telangana Gig and Platform Workers Union, Hawkers Joint Action Committee and Gig Workers Association are joining the protests. Thousands of workers, street vendors and supporters are expected to rally in over 20 cities including outside parliament in <a href="https://uniglobalunion.org/news/map22/">New Delhi</a> on Friday. The protesters will march to their respective district magistrate offices and submit a memorandum. “On Black Friday, in what has already been named #MakeAmazonPay day, unions, civil society and progressive elected officials will stand shoulder to shoulder to denounce Amazon’s despicable multimillion dollar campaigns to kill worker-lead union efforts. It’s time for the tech giant to cease their awful, unsafe practices immediately, respect the law and negotiate with the workers who want to make their jobs better,” <keyword id="9152786" type="General" weightage="50" keywordseo="shaik-salauddin" source="Orion">Shaik Salauddin</keyword>, founder state president of Telangana Gig And Platform Workers Union (<keyword id="15617514" type="General" weightage="50" keywordseo="tgpwu" source="Orion">TGPWU</keyword>) told Business Insider India. As per the coalition’s <a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">website</a>, Amazon workers from Maharashtra, West Bengal, Bhopal, Bihar, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Rajasthan, Uttarakhand are likely to participate. “These groups represent a variety of interests, and while we are not perfect in any area, if you objectively look at what Amazon is doing in each one of these areas you’ll see that we do take our role and our impact very seriously. We are inventing and investing significantly in all these areas, playing a significant role in addressing climate change with the Climate Pledge commitment to be net zero carbon by 2040, continuing to offer competitive wages and great benefits, and inventing new ways to keep our employees safe and healthy in our operations network, to name just a few. Anyone can see for themselves by taking a tour at one of our sites,” an Amazon spokesperson told Business Insider India. The protests could be crucial as Black Friday sales – annual retail sale events starting a day after Thanksgiving in the US when retail chains offer deep discounts – tend to provide a big boost in <a href="https://www.britannica.com/story/why-is-it-called-black-friday">sales</a> for retailers and e-commerce players globally. This year, most of the sales commence on 25th November and end on 28th November. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/black-friday-the-sales-scams-and-myths/articleshow/95764746.cms">Black Friday: The sales, scams and myths</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-close-flat-on-a-range-bound-day-hdfc-life-reliance-rise-icici-bank-drags/articleshow/95764805.cms">Sensex, Nifty50 close flat on a range-bound day – HDFC Life, Reliance rise, ICICI Bank drags</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/amazon-workers-are-planning-a-strike-on-black-friday-demanding-fair-pay-and-an-end-to-unsafe-practices/articleshow/95749775.cms">Amazon workers are planning a strike on Black Friday demanding fair pay and an end to unsafe practices</a>

Indian trade unions to join global protests against Amazon India

From the Indian Parliament to the Reserve Bank of India, to startup unicorns, this year was especially rife with high-profile resignations, giving fuel to ongoing controversies. Here are the top departures that left the country in surprise: 1. <keyword id="6375119" type="PERSON" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> <div type="image" title="Urjit patel" tempid="286964" msid="67322946" hostid="261"></div>
 In December, Urjit Patel announced his resignation from his role as the governor of the Reserve Bank of India citing ‘personal reasons’ amid differences between the central bank and the Indian government. While many top politicians and academicians in the country have been citing different reasons for ‘why’ Urjit Patel abruptly resigned from his post, many believe it was the tensions between the RBI and the government, particularly the latter’s moves that threaten the central bank’s independence that led to his departure. Patel has subsequently been replaced a former government official Shaktikanta Das. 2. <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword> <div type="image" title="Arvind" tempid="286980" msid="67322947" hostid="261"></div>

(Image Credits- IANS) India’s Chief Economic Advisor Arvind Subramanian resigned from his position in Finance Ministry on 20th June citing ‘pressing family commitments.’ Krishnamurthy Subramanian was <a href="https://www.businessinsider.in/indian-government-appoints-krishnamurthy-subramanian-as-its-new-chief-economic-advisor/articleshow/66987414.cms">appointed</a> as the new CEA after the post was left vacant for nearly six months. Months after quitting his post, Subramanian in his recently-launched book ‘Of Counsel’ <a href="https://www.businessinsider.in/demonetisation-was-a-massive-draconian-monetary-shock-says-narendra-modi-governments-former-chief-economic-advisor-arvind-subramanian/articleshow/66860962.cms">commented</a> on the government’s demonetisation policy calling it “a massive, draconian, monetary shock” that took a hit on the Indian economy. 3. <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> <div type="image" title="binny-bansal1" msid="67322928" hostid="261"></div>

(Image Credits-Wikimedia.org) Indian e-tail major Flipkart Group's Chief Executive Officer (CEO) Binny Bansal parted ways with the company on 13th November following the allegations of ‘personal misconduct’. Bansal announced his resignation, effective immediately, following an independent investigation by Flipkart and Walmart against him. However, Binny Bansal has strongly denied all the accusations against him. He is reportedly launching a tech startup to provide technology tools, learning and consulting services to growth-stage ventures, ET <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-former-flipkart-executive-to-launch-new-startup/articleshow/67085632.cms">reported</a>. 4. M.J Akbar <div type="image" title="907c8b2772a84537d8c711eba43627b2" tempid="287008" msid="67322948" hostid="261"></div>
 (Image Credits-IANS) The #Metoo movement forced the Minister of State for External Affairs, MJ Akbar, <a href="https://www.businessinsider.in/too-little-too-late-indian-government-reacts-to-metoo-by-forming-a-panel-to-review-sexual-harassment-laws/articleshow/66347468.cms">to put down his papers days </a>after several of his former female colleagues accused him of sexual harassment. The campaign gathered much attention from people across India with many women coming forward to reveal sexual predators at workplaces, especially in the media industry. 5. <keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword> <div type="image" title="ananth-narayan" tempid="287014" msid="67322949" hostid="261"></div>
 Myntra’s Chief Executive Officer (CEO), Ananth Narayanan,<a href="https://www.businessinsider.in/myntra-is-in-the-middle-of-a-management-shakeup-after-key-leaders-resign-in-succession/articleshow/67043730.cms"> stepped down</a> from his position in the company within a month after denying speculation about his resignation, following Binny Bansal’s exit from parent Flipkart. Following his resignation other high-ranked officials including Mithun Sundar, Chief Revenue Officer (CRO), and Manpreet Ratia, Head for Human Resources, also resigned from their respective role in the company. 6. Chanda Kochhar 
 <div type="image" title="95b438c9e8e160e4d9704c9dc628ce2a" tempid="287133" msid="67322950" hostid="261"></div>

In October, Chanda Kochhar resigned as the CEO and Managing Director of India’s largest private sector bank, ICICI Bank. Kochhar had been sent on indefinite leave amid a corporate governance <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">scandal</a> that led to an independent judicial investigation into alleged misconduct and dealings with Videocon. Kochhar was facing allegations of conflict of interest while making a loan to Venugopal Dhoot, the promoter of Videocon Group. 7. <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> 
 <div type="image" title="5e96e735b844a0506c8cd17e3f2bbc9d (1)" tempid="287157" msid="67322951" hostid="261"></div>

The co-founder and chief executive of Yes Bank, Rana Kapoor, was reportedly asked by the Reserve Bank of India to put in his papers by January 2019. Kapoor had been working as the managing director and CEO since the bank started its operations in 2004. RBI decided not to extend the tenure of Rana Kapoor amid alleged corporate governance lapses and under-reporting of non-performing loans. The central bank further instructed Yes Bank to look for his successor. His resignation led to a crash in the bank’s shares. However, last month, its non-executive chairman, Ashok Chawla, also <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">resigned</a>, further exacerbating matters for the bank who had been tasked with bringing back stability to the institution.

You Searched For "icici bank scandal" and got 10 results

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

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Chanda Kochhar's assets worth ₹78 crore attached by authorities in connection with a money laundering case

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Bombay HC grants bail to Venugopal Dhoot in ICICI loan fraud case

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ICICI Bank shares gain over a billion dollars in value after signs of turnaround

Katya Naidu

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

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Deepak Kochhar, husband of former ICICI bank chief Chanda Kochhar, is arrested in connection with Videocon loan case

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It's the end of the road for Chanda Kochhar

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Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe

Dilsher Dhillon

Indian trade unions to join global protests against Amazon India

Here were the most controversial resignations India saw in 2018

BI India Bureau

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