Kochhar litigation against ICICI Bank to test corporate governance norms

Board's conduct to come under legal scrutiny

With the former chief executive officer and managing director of ICICI Bank, Chanda Kochhar, moving Bombay High Court against the bank, the conduct of the bank’s board during the crisis will come under legal scrutiny, which did a somersault by giving her a clean chit in March last year and then sacking her in January this year.

Kochhar’s resignation was accepted by the same board in October 4 2018, when an inquiry had already been ordered by the board in June 2016 to be conducted by retired Supreme Court justice B N Srikrishna.

In its October 4 communication to the stock exchanges,