Chanda Kochhar & Family's Property Dealings To be Probed by Justice Srikrishna Panel

Mumbai, September 3: Justice Srikrishna Panel will examine the alleged 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 panel will also find out if the Kochhar family acquired the assets at a concessional rate and will also investigate if the sellers of these properties were granted special terms of loans. “That is correct. I am heading an investigation into several allegations made by a whistleblower against her,” Justice Srikrishna as quoted in the report said. Who is Sandeep Bakhshi, The Newly Appointed COO of ICICI Bank as Chanda Kochhar Goes on Leave.

Earlier in March, when the reports first surfaced in this regard, the bank had said that its board has "full confidence and reposes full faith" in Kochhar. Sources said the SEC (Securities and Exchange Commission) is actively looking into the matter as ICICI Bank is listed in the US also and it may seek further details from its Indian counterpart the Securities and Exchange Board of India (Sebi), which has already issued show-cause notices to ICICI Bank and Kochhar as part of its probe.

The bank has already instituted an independent enquiry into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with certain borrowers. Kochhar in under heavy scrutiny of several Indian and foreign agencies for alleged irregularities in her dealing with certain borrowers.

The cases under scanner include the bank’s Rs 32.5 billion loran to Videocon Group in 2012 and the involvement of Kochhar family members in the restructuring of the loan. It was further alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by ICICI Bank CEO's husband Deepak Kochhar.

(The above story first appeared on LatestLY on Sep 03, 2018 12:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).