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Retired Supreme Court Judge Justice BN Srikrishna will head the investigation initiated by the board of ICICI Bank on allegations of corporate misconduct and quid pro quo against its Managing Director and CEO, Chanda Kochhar.
“I have been appointed to head the probe in the ICICI Bank matter,” he told BusinessLine.
Though he declined to comment further on the issue, he is expected to lead an independent team in the investigation.
He is also likely to be assisted by an external agency, as well as the bank’s audit committee, led by Uday Chitle. The investigation could take about three to five months to be completed. The board of ICICI Bank on May 29 decided to institute an enquiry headed by an “independent and credible” person into allegations against Kochhar by an anonymous whistle-blower.
“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 and e-mail reviews and recordal of statements of relevant personnel,” the bank had said at the time.
Kochhar has been in the midst of allegations of quid pro quo in loans sanctioned by the bank to the Videocon Group and the Essar Group in return for funds given to her husband Deepak Kochhar’s firm NuPower Renewables.
The allegations are also being investigated by the Central Bureau of Investigation, Income Tax Department and market regulator SEBI.
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