Are The 3 Big Arrests A Wake Up Call For India Inc?

In just under three weeks from now, the Kochhar family was to travel to Jaisalmer for their son’s marriage. A private jet had reportedly been chartered to fly the guests – including top industrialists to the dream destination wedding. Chanda and spouse Deepak Kochhar’s sudden arrest has put to pay all those plans. But it was the bigger, post-Christmas arrest, of one-time corporate icon Venugopal Dhoot this morning that sent shock waves through Indian industry. Together, the two arrests, five years after the probe began, are among the biggest ever in Indian business history. Chanda Kochhar was among the first women to rise to the top office of one of India’s biggest banks … picking up a Padma Bhushan along the way, with mentions in TIME magazine’s “100 Most Influential People” in the world in 2015. And then came the arrest this morning of Venugopal Dhoot – at one time, among the most recognised, one of the most outspoken faces of India Inc. His arrest could well reveal the murky details of the quid-pro-quo deals with the Kochhars in lieu of loans from ICICI Bank. The arrests are a wake-up call for the industry.