Were ICICI’s executives on Subhiksha’s board sleeping?

I recently read that Renuka Ramanathan and Rajeev Bakshi, both senior executives of ICICI ventures, were on Sibhiksha’s board. Also, according to CEO of Subhiksha, ICICI was in complete control of the Board with the CEO incharge of day-t0-day activities. Now it seems that both these ICICI executives have resigned fearing lawsuits.

It is obvious that ICICI Ventures top brass knew of all the problems being faced by Subhiksha. Payment problems to vendors were reported in the press long time back. So how come these big shot executives failed to take appropriate action. If the company was not solvent why did it let the company continue operations and take on more liability.

There is something wrong with this situation. Both Renuka Ramanathan and Rajeev Bakshi representing the major shareholders of the company just let the situation get from bad to worse and now they want to resign from the board making the board ineffective.

If I was a shareholder of ICICI Bank, I would be worried if the investments of the bank are being managed in such a careless manner. I would also raise doubts in the ability of these executives to manage a venture fund.

avinash narula

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