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Nepotism and conflict of interest

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Allegations were made against the CEO (Chanda Kochhar) of a bank in India. She was accused of nepotism and conflict of interest because she sanctioned a high-value loan to a company called Videocon. Her husband and the owner of Videocon started a company together (NuPower) but she didn't disclose this information.

After investigating the matter, the Securities and Exchange Board of India (SEBI) recommended adjudication proceedings against both ICICI and Chanda Kochhar and levied fines of up to $3.5 million on ICICI and $0.14 million on Kochhar.

What is meant by 'adjudication proceedings'? And do you think this penalty is enough or is this regulatory body being too lenient?

Reference no: EM132576365

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