On Wednesday, the private sector lender ICICI Bank decided to establish an unconventional inquiry into the charges levelled by an anonymous whistleblower against managing director and chief executive Chanda Kochhar.
According to TOI, ICICI Bank in a governing filing said the inquiry will be directed by an independent person. Also, the leader's board said that its audit panel will take additional actions in the matter. The panel will appoint the head of the inquiry to conclude the terms of recommendation and the reported period. The audit panel will also help the head of the inquiry with the needed unconventional legal and other expert support.
The charges are linked to 'conflict of interest' over a time and 'quid pro quo' in direction of Kochhar's work in trading with certain borrowers. This comes few days after sales regulator Sebi announced a show-cause notice to the bank and its CEO. In his notice, Seb alleged breach of disclosure obligations under securities law in the case including Videocon Group and Nu Power Renewables, a firm run by Chanda Kochhar's spouse Deepak Kochhar.
However, the ICICI Bank has supported its chief, describing the speculation as "hateful and untrue".