Former ICICI Bank Managing Director and CEO Chanda Kochhar is understood to be exploring various legal options following termination of her service by the private sector lender and investigations by government agencies.

According to sources familiar with the development, Kochhar, who is in Mumbai, has been meeting lawyers for a second opinion.

“She has her own legal team, but she is also meeting other experts to get a second opinion,” said a person familiar with the development, adding that she met lawyer Abha Singh recently. Kochhar was unavailable for comment.

“She is fully cooperating with the investigating agencies at present, so there is no requirement for legal recourse as of now. As and when it is required, the issue will be taken up,” said a person familiar with the development.

On being contacted, Singh said: “In my personal opinion, if IAS officers in Maharashtra have been protected because Section 13(1)(d) of the Prevention of Corruption Act has been removed, then why not bankers? Where is the criminality? The criminality is yet to be proven. And no loan is given by one person individually.” The Central Bureau of Investigation has registered an FIR against several entities and persons, including Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group MD Venugopal Dhoot, for alleged irregularities in loans sanctioned in 2012. The allegations are also under investigation by the Enforcement Directorate and market regulator SEBI.

Kochhar, who had resigned in October last year, was sacked by ICICI Bank in January this year, after an internal probe by former Supreme Court Judge BN Srikrishna said she had violated the bank’s code of conduct and framework on conflict of interest and that her lack of disclosures made the bank’s processes ineffective.

Related Topics