INSUBCONTINENT EXCLUSIVE:
alleged impropriety by its Managing Director and Chief Executive Officer Chanda Kochhar, she has gone on leave.
ICICI Bank denied that
Kochhar has been asked to go on leave
rallied over 3 per cent on Friday morning after the report
exchanges that it would institute an inquiry into the allegations of conflict of interest and quid pro quo on the part of the MD and CEO in
dealing with certain borrowers.
The bank board decided to go ahead with the probe at its meeting on May 29, the lender said in a regulatory
filing on May 30.
There have been allegations about the involvement of Kochhar and her family members in a loan provided to the Videocon
group, which allegedly has interests in NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.
Last week, market
regulator Sebi had served a notice on Kochhar on dealings of the bank with the Videocon Group and NuPower.
