Chanda Kochhar has not been asked to go on leave, clarifies ICICI bank

It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

The ICICI bank on Friday (June 1) rubbished the reports that CEO Chanda Kochhar has been asked to go on a leave in the wake of a probe into alleged conflict of interest over loans made to Videocon Group. ICICI Bank has also denied that "it has appointed any search committee to find her successor".

"This is with regards to a news article which appeared in Mint today under the headline 'ICICI Probe: Kochhar asked to go on leave'. The ICICI Bank Board denies having asked Ms. Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor," the statement released by the ICICI Bank said.

A report published in The Mint, citing sources, had said that Kochhar has been asked to "proceed on indefinite leave from the company...until an independent enquiry announced by the lender's board to probe alleged cases of impropriety is concluded."

There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

On Wednesday (May 30), ICICI Bank had said it will institute an independent inquiry into the allegations raised by an anonymous whistleblower against Chanda Kochhar. The enquiry was ordered by the board, at its meeting earlier this week, on a complaint by an anonymous whistle-blower against Kochhar, the bank said in a regulatory filing.

The whistle-blower had alleged that the bank's MD and CEO had not adhered to provisions relating to code of conduct of the bank and legal and regulatory provisions relating to conflict of interest over a period of time and also alleged quid pro quo in the course of Kochhar's work in dealing with certain customers/borrowers of the bank.

In April, the board had expressed full confidence in Kochhar and ruled out any quid pro quo as alleged with regard to certain loan given to Videocon group.

OneIndia News (with PTI inputs)