Chanda Kochhar on indefinite leave, ICICI Bank investigates case

Chanda Kochhar is now on indefinite leave, reportedly timed with her annual vacation to make way for an independent investigation. Chanda Kochhar’s leadership has come under a cloud over the Videocon loan case involving her husband and NuPower Renewables founder Deepak Kochhar and the conglomerate’s promoter Venugopal Dhoot.

People close to the development said that the board met on May 29 and discussed appointing a law firm and a forensic auditor. The discussions took place after a new complaint by a whistleblower forced the board to change its stance of unequivocal support to Kochhar as per a report in ET.

A fresh probe will examine all the details since Kochhar’s appointment in May 2009 according to the report by Mint, which added that the work of all committees in the bank, the top management, directors, their interactions with each other and customers through emails or phones will be scrutinized.

Mint further said, the independent directors have also discussed with other board members a succession plan if Kochhar decides to quit prematurely or if any wrongdoing is discovered in the course of the independent enquiry, the person said.

Picture: Chanda Kochhar by SundayTimes UK