Allegations Against Chanda Kochhar To Be Looked Into By A Probe Panel

Published on 15 Jun 2018 by Shivi

Former Supreme Court Judge, Justice B N Srikrishna will be heading the enquiry panel that will probe an anonymous whistleblower complaint alleging non-adherence of the code of conduct, conflict of interest and quid pro quo by the CEO of ICICI Bank, Chanda Kochhar while dealing “with certain borrowers” of the bank.

On May 30, when the board of ICICI Bank instituted an enquiry into a new complaint against Kochhar, the time by when the final enquiry report is expected, was not specified.

According to the bank, the independent enquiry will use forensics, review emails and record the statements of the relevant personnel and would also cover all connected matters in the course of the investigation to bring the matter to a final close. However, the details were not provided by the bank about the ‘borrowers’.

A decision regarding conducting of an independent inquiry was announced by the bank’s board after Securities and Exchange Board of India (SEBI) issued a notice to the bank and Kochhar on May 24 for alleged non-compliance of the listing agreement in the Videocon case, which relates to dealings involving the Videocon group and NuPower Renewables, an entity in which Deepak Kochhar spouse of the bank’s MD and CEO, has economic interests.

Based on information furnished by the bank /its MD and CEO, SEBI notice was issued to diverse queries concerning dealings between the bank and Videocon group and certain dealings allegedly between Videocon Group and NuPower. It implies that prima facie, SEBI has found the violation of disclosure norms.

According to reports, NuPower Renewables Pvt Ltd (NRPL) a firm which he had set up with Deepak Kochhar and two relatives, 6 months after the Videocon group got Rs. 3,250 crore as loan from ICICI Bank in 2012 was provided with crores of rupees by Videocon group promoter Venugopal Dhoot.

Proprietorship of the company was transferred by him to a trust owned by Deepak Kochhar for Rs. 9 lakh, six months after he received the loan from ICICI Bank. In 2017, the account of Videocon was declared an NPA or a bad loan.

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