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.

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