ICICI Bank says an enquiry was instituted under supervision of Audit Committee of Board of Directors, without involvement of senior mgmt other than Internal Audit. Statutory auditors were provided periodic updates, their inputs were factored into enquiry process@ShereenBhan https://t.co/sZriJZoFwj— CNBC-TV18 (@CNBCTV18Live) June 22, 2018
Former Supreme Court judge, BN Srikrishna, said he will head the independent inquiry with matters regarding various allegations of impropriety against Chanda Kochhar, Chief Executive Officer, ICICI Bank .
Justice Srikrishna was approached by the audit committee of the ICICI Bank to head the inquiry, a statement released by the bank said.
Justice Srikrishna will investigate whether Kochhar violated the bank’s code of conduct and whether she had any involvement in quid pro quo transactions with certain bank borrowers, according to a report by The Economic Times.
ICICI Bank appointed Sandeep Bakhshi as whole time Director and Chief Operating Officer (COO) for a period of five years, who took over his role from June 19, 2018.
On June 1, CNBC-TV18 had reported that Chanda Kocchar was on a planned annual leave and was expected to remain on one till the entire period of the probe.
The development comes after the bank said last month that it would be instituting an inquiry into the accusations.