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ICICI Bank to hold ‘independent’ probe into allegations against Chanda Kochhar

“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,” ICICI Bank said.

business Updated: May 30, 2018 17:02 IST
Press Trust of India
Press Trust of India
Press Trust of India
ICICI Bank,Chanda Kochhar,Videocon loans
ICICI Bank MD & CEO Chanda Kochhar during the India Economic Summit 2018 at Bombay Stock Exchange in Mumbai.(PTI Photo)

Private sector lender ICICI Bank on Wednesday said it instituted an independent enquiry into the allegations levelled by anonymous whistle-blower against MD and CEO Chanda Kochhar.

Without detailing the allegations, the bank in a regulatory filing said the enquiry will be headed by an independent and credible person.

“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 the Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012 and the possible role of Kochhar’s husband -- Deepak Kochhar in the dealing.

Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured the loan.

First Published: May 30, 2018 16:42 IST