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Last Updated : Jun 21, 2018 02:19 PM IST | Source: Moneycontrol.com

ICICI Bank set to appoint law and risk assessment specialists to probe Chanda Kochhar

The final decision to appoint the consultants will be taken by Srikrishna, who is heading the independent enquiry panel

 
 
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Law firm Luthra & Luthra will be conducting a forensic audit of the transactions between ICICI Bank, Videocon Industries and and other clients, Control Risks will look at regulatory violations overseas.

The two firms will be assisting former Supreme Court judge BN Srikrishna in his probe against ICICI Bank MD and CEO Chanda Kochhar, said a Business Standard report.

However, the final decision to appoint the consultants will be taken by Srikrishna, who is heading the independent enquiry panel.

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On May 30, the ICICI Bank board instituted the independent enquiry to probe its CEO after various government agencies and markets regulator Securities and Exchange Board of India (Sebi) sent notices to the bank.

The notices have been issued relating to allegations raised by two whistleblowers charging Kochhar and her family of receiving benefits against loans given by ICICI Bank to Videocon Group.

Under pressure, the board, on Monday, created a new position of a Chief Operating Officer (COO) overnight, to be occupied by Sandeep Bakhshi, from the group company ICICI Prudential Life Insurance.

Bakhshi will report the board while Kochhar will remain on leave till the enquiry is concluded.

The report adds that the investigation will take at least four to six months to complete as many transactions took place in tax havens abroad. If the probe gets extended, it will be closer to the end of Kochhar’s term in March next year.

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First Published on Jun 21, 2018 02:19 pm
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