INSUBCONTINENT EXCLUSIVE:
ICICI Bank will decide on appointment of a retired judge and the scope of his work, say sources.
MUMBAI: Board members of ICICI Bank are meeting today to decide on the appointment and
the scope of the BN Srikrishna panel to look into the allegations of conflicts of interest against chief executive Chanda Kochhar, say
The crucial question over Kochhar's continuance as managing director and chief executive till the probe is over may also be addressed today,
they said, adding the board will take a decision on it
The decision on appointment of a retired Supreme Court judge and the scope of his work will be taken by the board's sub-committee on
corporate governance.Media reports today said Sandeep Bakshi, who heads the bank's life insurance arm, may be appointed the interim chief
executive and sector regulator Irdai has also been told "informally" about the move
Kochhar is on her "annual leave" right now, ICICI Bank had said earlier.According to sources, she comes to work on a "need basis" during her
annual leave and was also present at the board meeting last week when the bank decided to dilute 2 per cent more in ICICI Prudential Life.It
can be noted that last month, the board had constituted an independent external probe panel after more allegations had surfaced against
Kochhar violating the bank's code of conduct
Later, media reports said Srikrishna would beheading the probe."The scope of enquiry would be comprehensive and will include all relevant
matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics/e-mail reviews and record
statements of relevant personnel, etc," the bank had said on May 31
The board had on March 28 reposed full faith in Kochhar after allegations of possible conflicts of interest, lack of disclosure and possible
quid pro quo first surfaced against Kochhar, following a complaint by an activist.Even as the board stood by her, details of misdoings
emerged in the media, leading to a multi-agency probe against Kochhar by various law enforcement agencies.The cases under scanner include
the bank's Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Kochhar family members, including her husband Deepak
Kochhar, in first sanctioning the loan and then restructuring the same.Interim finance minister Piyush Goyal had earlier this month said the
law would take its course in the alleged case of nepotism at ICICI Bank, even though it is a good bank with "very robust processes" and
there was no cause for concern for any of the stakeholders of ICICI Bank per se
There are also allegations that NuPower got investments of Rs 325 crore from Mauritius-based Firstland Holdings, a company owned by Nishant
Kanodia, the son-in-law of Essar Group co-founder Ravi Ruia.(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
