Corporate Governance
Under the lens

Amid arrests and intrigue, another Chanda-era deal continues to nag ICICI Bank

Amid arrests and intrigue, another Chanda-era deal continues to nag ICICI Bank

Top left and right: The residential property in Kesavaperumalpuram when ICICI Bank put up for sale in 2010; bottom left: Recent picture inside the property showing name plates of tenants.

Synopsis

‘No Patta, no CMDA approval” — a 2010 sale of the bank’s marquee residential property in Chennai under controversial circumstances continues to vacillate in courts.

By
11 mins read,
“Even after all these years, I remember it very clearly. When I sat on the flight back to Chennai, I was very upset,” says Jitendra Goenka, director of 3F industries (formerly Foods, Fats & Fertilisers), recalling the painful events of April 5, 2010. “We had a long-standing credit relationship with the bank, we were known to some senior people like (former ICICI Bank chairman) Mr Vaghul. Yet, they did this to us,” Goenka adds. Goenka had

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