ICICI-Videocon Loan Fraud Case has questioned over (i) the standards of corporate
governance, (ii) ethical implementation of it, and (iii) SEBI’s prompt measures against misgovernance.
Rs3250 cr is a “Related Party” transaction between the borrower (Venugopal Dhoot),
and the lender (Chanda Kochhar, ICICI former CEO) because of the common linkage of Dipak
Kochhar (business friend of borrower and husband of lender). As per Accounting and Auditing
Standards of Banking, it is violation of (i) Code of Conduct, (ii) Non-Disclosure, (iii) Related Party
Transaction, and (iv) Conflict of Interest rules. And because of the linkages of globally celebrated
leaders, their unethical practices, this fraud have highlighted the importance of personal values
and morals in governance. This case study reveals the violation of the basic principle of corporate
governance, failure to maintain transparency, responsibility, fairness, accountability, and balancing
of stakeholder interest, with the facts-figures, and illustrations based on secondary data.