Videocon loan case: ICICI to probe charges against CEO Chanda Kochhar

Private sector lender ICICI Bank on Wednesday said it will institute an independent inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar.

ICICI said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank's code of conduct and whether her actions involved "conflict of interest", reports Reuters.

The enquiry was ordered by the board, at its meeting yesterday, on a complaint by an anonymous whistle-blower against Kochhar, the bank said in a regulatory filing today.

"...the enquiry to be headed by an independent and credible person (will) examine and enquire into an additional anonymous whistle-blower complaint...," it said.

The scope of enquiry would be comprehensive and include all relevant matters arising out of and in course of examination of the facts and wherever warranted, use of forensics/email reviews and recordal of statements of relevant personal, it said.

The enquiry, the bank said, will be conducted by an 'independent and credible' person.

The regulator filing, which came today after close of stock market, further said the enquiry will cover all "connected matters" in the course of investigations to bring the matter to a final close.

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.

Last week, market regulator Sebi had served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower.

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.

Interestingly 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)