Probe ordered against Kochhar

In picture: CEO Chanda Kochhar. PTI photo.

The board of India’s largest private sector lender ICICI Bank has ordered an independent probe into allegations of ‘conflict of interest’ and ‘quid pro quo’ in bank’s MD and CEO Chanda Kochhar’s dealings with certain borrowers.

There are allegations of involvement of Kochhar and her family members in a loan to Videocon Group on a quid pro quo basis. It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar. Last week, Sebi had served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower.

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Probe ordered against Kochhar

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