ICICI Bank orders fresh probe into CEO Chanda Kochhar after new allegations surface

The CEO of ICICI Bank, Chanda Kochhar, will remain on indefinite leave until a fresh independent enquiry announced by the board is complete.

Kochhar has headed ICICI Bank for almost 10 years. The probe will look at new cases of alleged impropriety. The decision to ask her to go on leave has been taken on the advice of a majority of the seven independent directors on the bank’s board.

The enquiry is likely to be headed by a retired judge of the Supreme Court. IT will begin next week and will be completed in two months.

A new complaint against Kochhar came up 15-20 days back, say bank officials. The board felt that since the charges are harsh, it had to be dealt with in an impartial manner.

Kochhar’s leadership came under a cloud after allegations against her, including alleged conflict of interest over loans made to Videocon Group. The chairman of the group, Venugopal Dhoot, had business links with her husband Deepak Kochhar.

The allegations first came up in 2016 but the bank’s board had given her a clean chit following an internal investigation.

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