The independent enquiry panel under retired judge of the Supreme Court BN Srikrishna that is probing allegations of corporate misconduct and quid pro quo in a loan by former Managing Director and CEO of ICICI Bank Chanda Kochhar is still underway and its report is now likely in the New Year.
“The investigation is still on. The report is likely to be submitted to ICICI Bank by January-end or February,” said a person familiar with the development.
The board of ICICI Bank had, on May 29, decided to institute an enquiry headed by an “independent and credible” person into allegations against Kochhar by an anonymous whistleblower. It had appointed Justice (Retd) BN Srikrishna to head the internal enquiry panel.
ICICI Bank Chairman GC Chaturvedi had, in August this year, said the report was likely in two- to two-and-a-half months’ time.
Kochhar, who was on leave at the time, has since resigned and the lender’s Chief Operating Officer Sandeep Bakhshi has been appointed in her place.
Meanwhile, ICICI Bank is also likely to appoint a forensic lender to look into allegations by a whistleblower of irregularities in 31 loan accounts.
This is a separate set of allegations raised by an anonymous whistleblower. ICICI Bank, in June, said a whistleblower had alleged irregularities in 31 borrower accounts, which had led to incorrect classification of assets, accounting of interest income and NPA recoveries as fees, and over-valuation of security for corporate loans.
The lender is understood to have already hired a law firm to investigate these allegations.
ICICI Bank did not respond to an e-mail questionnaire from BusinessLine. Srikrishna could not be reached for comment. Shares of ICICI Bank gained 0.80 per cent on Friday, closing at ₹352.10 apiece on the BSE.
via Srikrishna panel report on Kochhar only next year – The Hindu BusinessLine
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