Probe against ICICI Bank CEO Chanda Kochhar to cover all property dealings, says report

The board of ICICI Bank has reportedly asked Justice BN Srikrishna panel to cover all property dealings by the Kochhar family since Chanda Kochhar took over as CEO of the bank.

By BusinessToday.In  
Monday, September 3, 2018

The board of ICICI Bank has reportedly asked Justice BN Srikrishna panel, which is conducting probe into the allegations of quid pro quo against Chanda Kochhar, to cover all property dealings by the Kochhar family since she took over as CEO of the bank.

According to a report in The Economic Times, the board has asked Justice BN Srikrishna to examine whether properties and assets acquired by the Kochhar family since she took over as CEO were purchased at concessional or lower than prevailing market prices. He will also look into possible banking relationships and the terms of loans or banking facilities enjoyed by builders or sellers of these assets with ICICI Bank, the report said.

"That is correct. I am heading an investigation into several allegations made by a whistleblower against her," Justice Srikrishna told the daily.

Last month, ICICI Bank Chairman GC Chaturvedi had said that the decision on continuance of managing director and CEO Chanda Kochhar will be taken after the Justice B N Srikrishna panel report is finalised, which is likely in two-and-a-half months.

He further said that pending the report Kochhar remains the CEO of ICICI Bank. Kochhar, however, is on indefinite leave following the conflict-of-interest allegations.

Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities, including the Videocon group.

Multiple agencies, including CBI and markets regulator Sebi, are already probing the alleged lapses involving Kochhar and her family members. The current tenure of Kochhar, who has been at the helm since 2009, ends next March.

Posting its first quarterly loss, ICICI Bank reported a net loss of Rs 119.5 crore for the three months to June due to higher provisioning for bad loans. It had posted a net profit of Rs 2,049 crore in the year-ago period. However, on a consolidated basis, ICICI Group posted a meagre profit of Rs 4.93 crore, compared to Rs 2,604.73 crore a year ago.

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