Home Market ICICI Bank to set up external probe against Chanda Kochhar

ICICI Bank to set up external probe against Chanda Kochhar

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Private lender ICICI Bank on Wednesday informed bourses that its board has decided to set up a probe headed by an independent person to examine and enquire into an anonymous whistleblower complaint alleging non-adherence of code of conduct by MD and CEO Chanda Kochhar.

The bank in a BSE filing said that the scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examinations of the facts and wherever warranted, use of forensics or email reviews and records of statements of relevant personnel etc.

“The enquiry would also cover all connected matters in the course of the investigation to bring the matter to final close,” ICICI Bank said.

The board also mandated its audit committee to take all further actions in the matter to operationalise this decision including in particular, appointment of an independent and credible person as Head of Enquiry, determining the terms of reference of the enquiry, the period which will be covered by the enquiry etc.

The audit committee will also make all arrangements to assist him with independent legal and other professional support as may be required.

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