Chanda Kochhar probe report to be out in 3 months, says ICICI Bank Chairman Girish Chandra Chaturvedi

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26 Aug, 2025 12:21

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Retired Supreme Court judge BN Srikrishna is likely to submit the probe report on ICICI Bank chief Chanda Kochhar to the board in the next three months, the bank’s non-executive chairman Girish Chandra Chaturvedi said on Thursday.

Chaturvedi said a final decision on Kochhar will be taken after reviewing the panel’s report. Till then Kocchar will remain CEO and Managing Director of the bank, Chaturvedi said.

ICICI Bank, country's biggest private sector bank, had appointed jurist Srikrishna to investigate allegations of conflict of interest and quid pro quo against Kochhar in the Videocon loan case.

Speaking on the sidelines of the India banking conclave ICICI Bank’s non-executive chairman “(The) Board has appointed the Srikrishna committee to look into the alleged fraud and we will take action after the report…Justice Srikrishna is travelling abroad and thus the report will take time. It should be out in two-three months, he said.

Further, in the midst of the probe by ICICI Bank and other regulatory agencies, Kochhar has also sought reappointment as a director on the board of ICICI Securities, the financial services arm of the ICICI Group.

The annual general meeting (AGM) of the recently listed entity ICICI Securities will be held on August 30, where shareholders can vote on the reappointment of Kochhar, 56, who has been on the board of ICICI Securities since October 2008.

“Even today, Chanda Kocchar is the chief executive of ICICI. She is just on leave,” Chaturvedi said adding that the bank has not yet replied on the Videocon notice by capital markets regulator Securities Exchange Board of India (Sebi) and will do so only after receiving the Srikrishna panel’s report.

Sebi had initiated proceedings against ICICI Bank Ltd for non-disclosure of information in the matter of alleged conflict of interest in the grant of loans to the Videocon group. In a notice, Sebi alleged violation of the Listing Obligation and Disclosure Requirements (LODR) and for not making adequate disclosures.

As of now, Kochhar is on an indefinite leave till the completion of the investigation. The bank's board had then appointed Sandeep Bakhshi, the head of its life insurance arm, as chief operating officer (COO) of the bank.

Bakhshi has been running the operating and business functions of ICICI Bank and will report to the board till Kochhar remains on leave.