The panel headed by Justice BN Srikrishna will also probe whether the sellers of these assets were granted special loan terms or any other banking privileges by the bank
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.
The whistle-blower blog cited a conflict of interest over loans worth Rs 3,250 crore granted by ICICI Bank to the Videocon Group. As per information from Registrar of Companies, he stated that Videocon Group’s promoter Venugopal Dhoot has a connection with NuPower Renewables, owned by Deepak Kochhar, husband of CEO Chanda Kochhar.The report said the audit committee looked into allegations made by an employee that the non performing assets (NPAs) in the accounts of small and medium Enterprises (SMEs) are being hidden and dismissed the allegations as the deviations are far fewer compared to the size of the balance sheet.