ICICI Bank on Wednesday said that it would probe the alleged role of its CEO Chanda Kocchar in Videocon loan case. ICICI Bank Ltd said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar.
The enquiry will be conducted by an “independent and credible” person appointed by the bank, the private lender said in a BSE filing. “The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics/email reviews and recordal of statements of relevant personnel etc,” the ICICI notification read.
The shadow of Videocon loan case has been casted over Chanda Kochhar's appointment as Chief Executive Officer of ICICI Bank.
Earlier, it was reported that the ICICI bank board has been reportedly divided over whether to ask Chanda Kochhar to step down as CBI probes her own role, her husband's and brother-in-law allegedly involvement over loans made to Videocon group.
According to a news report, there are some outside directors who are of view that Chanda Kochhar should not be allowed to countinue her role as ICICI's MD and CEO.
It is also to be noted that prior to that, when the entire controversy came in public, the ICICI board expressed its full faith in Chanda Kochhar.
The board said that it has full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as "malicious and unfounded rumours".
ICICI Bank board also reviewed the bank's internal processes for credit approval and found them robust, the private sector lender said in a regulatory filing.
The statement came after certain reports appeared on a website alleging involvement of Chanda Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis. It was also pointed out that a complaint had been forwarded to Prime Minister Narendra Modi and others for necessary action against Chanda Kochhar.
"The board has come to the conclusion that there is no question of any quid pro quo/ nepotism/ conflict of interest as is being alleged in various rumours. "The Board has full confidence and reposes full faith in the Bank's MD and CEO Ms. Chanda Kochhar," the bank said. It also said that rumours are being spread to malign the bank and its top management. With regard to the exposure to the Videocon group, it said the bank's current exposure is a part of the syndicated consortium arrangement.
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 "Videocon loan case: ICICI Bank to investigate allegations on CEO Chanda Kochhar")
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