Moneycontrol
Last Updated : Sep 03, 2018 09:57 AM IST | Source: Moneycontrol.com

ICICI Bank down 1.5% on report of probe into property dealings by Chanda Kochhar & family

The panel headed by Justice BN Srikrishna will examine property dealings undertaken by Chanda Kochhar and her family since she took over as CEO of ICICI Bank.

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In July 2000, under the leadership of Kochhar, ICICI Bank entered the retail business and within a short span of around 5 years, the Bank emerged as one of the largest retail financer in India. In April 2001, she took over as Executive Director, heading the retail business in ICICI Bank.
In July 2000, under the leadership of Kochhar, ICICI Bank entered the retail business and within a short span of around 5 years, the Bank emerged as one of the largest retail financer in India. In April 2001, she took over as Executive Director, heading the retail business in ICICI Bank.
 
 
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Shares of ICICI Bank fell over 1.5 percent on Monday morning as investors turned wary of reports around Chanda Kochhar and family.

The stock touched an intraday high of Rs 345.00 and an intraday low of Rs 337.30.

The panel headed by Justice BN Srikrishna will examine property dealings undertaken by Chanda Kochhar and her family since she took over as CEO of ICICI Bank.

According to an Economic Times report, the board of ICICI Bank has requested the panel to determine whether the Kochhar family acquired the assets at concessional or rates lower than that prevailing in the market.

The panel will also probe whether sellers of these assets were granted special terms of loans or any other banking privileges with the bank. The report quoted Justice Srikrishna as confirming he is investigating allegations that were raised by a whistle-blower.

The board of ICICI Bank has ordered an independent enquiry after the bank’s audit committee received two letters — one from a shareholder and another from a whistle-blower — that alleged Kochhar has violated the code of conduct and its regulations on conflict of interest.

At 09:52 hrs ICICI Bank was quoting at Rs 339.80, down Rs 2.85, or 0.83 percent, on the BSE.
First Published on Sep 3, 2018 09:55 am
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