ICICI Bank to probe allegations against CEO Chanda Kochhar

Private sector lender ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against managing director and chief executive Chanda Kochhar.

ICICI Bank in a regulatory filing said the enquiry will be headed by an independent person.

The lender’s board has said that its audit committee will take further actions in the matter. The committee will appoint the head of enquiry, determine the terms of reference and the period covered. The audit committee will also help the head of enquiry with the required independent legal and other professional support.

“The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics/e-mail reviews and recordal of statements of relevant personnel etc,” the filing said.

The allegations are related to ‘conflict of interest’ over a time and ‘quid pro quo’ in course of Kochhar’s work in dealing with certain borrowers.

This comes few days after markets regulator Sebi issued a show-cause notice to the bank and its CEO for alleged violation of disclosure requirements under securities law in the case involving Videocon Group and NuPower Renewables, a firm run by her husband Deepak Kochhar