ICICI Bank to probe role of CEO Kochhar following whistle-blower complaint

Enquiry headed by independent person to examine allegations of conflict of interest after whistle-blower complaint

Private sector lender ICICI Bank will conduct an independent enquiry into allegations of breach of code of conduct and conflict of interest against Managing Director and Chief Executive Chanda Kochhar after a complaint from an anonymous whistle-blower. This comes soon after the Securities and Exchange Board of India (Sebi) served a notice to the bank and Kochhar.

The allegations of wrongdoing pertain to loans extended by ICICI Bank to the Videocon group, which had business relations with NuPower Renewables, owned by Chanda Kochhar’s husband Deepak Kochhar.  

The enquiry will be headed by an “independent and credible person”, the bank said