ICICI Bank said Tuesday that a large law firm had issued a 2016 report exonerating Chanda Kochhar, the bank's former president, from charges of nepotism and conflict of interest in this regard. concerning the loans granted to the Videocon group. The law firm in question is Cyril Amarchand Mangaldas.
In a stock market announcement, ICICI Bank stated that the chairman of the board of directors of this bank had hired a law firm to have investigated the allegations against Kochhar in a 2016 press release. All parties involved cooperated in the investigation and provided the necessary records, documents and declarations. The law firm submitted its report in December 2016 stating that it had found no evidence of nepotism and conflict of interest on the part of Kochhar and that the case was considered closed.
While similar reports accusing Kochhar of embezzlement were reported in March 2018, the bank's board issued a statement expressing confidence in her.
"Following further allegations from whistleblowers and additional information made available to the Bank, the Board of Directors has determined the need for a new investigation, which has been announced on May 30, 2018. In addition, the Bank informed the law firm of these developments. After that, the law firm said his previous report would no longer be valid, "said Tuesday ICICI Bank.
Kochhar stepped down as Chief Executive Officer and Chief Executive Officer of ICICI Bank earlier this month.
B Srikrishna, a former Supreme Court justice, was appointed to investigate charges against Kochhar over the loan to Videocon Group owned by Venugopal Dhoot.
In 2012, ICICI Bank made a loan of 3,250 crore to the Videocon group. After the loan was granted, NuPower Renewables, which is headed by Kochhar's husband Deepak Kochhar, received 64 crore from the Videocon promoter through a series of investment vehicles, apparently as a counterparty.