India's ICICI Bank to probe allegations against CEO

Videocon Industries (India)

30/05/2018 11:49

May 30 (Reuters) - ICICI Bank Ltd  ICBK.NS  said on
Wednesday it will institute an inquiry into the allegations
raised by an anonymous whistleblower against Chief Executive
Chanda Kochhar.
    ICICI, India's third-biggest lender by assets, said http://bit.ly/2sjkAQN
 the probe, headed by an independent person, would examine
allegations that the chief executive did not adhere to
provisions relating to the bank's code of conduct and whether
her actions involved "conflict of interest".
    The bank is battling allegations that Kochhar allegedly
favoured Videocon Group in its lending practices. Videocon's
founders had an investment in a renewable energy company founded
by Kochhar's husband.
    The bank has backed Kochhar, calling the rumours "malicious
and unfounded".

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Vyas Mohan)
 ((abyjose.koilparambil@thomsonreuters.com; +91 80 67496061 ;
Reuters Messaging:
abyjose.koilparambil.thomsonreuters.com@reuters.net))