ICICI BANK TO PROBE ACCUSATIONS AGAINST CEO CHANDA KOCHHAR

According to reports, ICICI Bank will set up an independent enquiry panel to probe into the charges against its Chief Executive Officer, Chanda Kochhar. The panel will reportedly be headed by an independent individual.

ICICI board reportedly announced that the bank's audit committee will take care of the enquiry processes. It will decide the head of the enquiry and the duration.

The decision was taken after markets regulator Sebi issued a show-cause notice to ICICI Bank and Chanda Kochhar based on the alleged accusations of violating disclosure requirements under securities law involving a company run by her husband.