While the bank did not name the law firm, sources confirmed that the board of ICICI Bank had engaged Cyril Amarchand Mangaldas to investigate allegations of nepotism made by a whistleblower pertaining to loans extended by the bank to the Videocon Group.
The board decided to appoint Sandeep Bakshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals.
Before the story of Chanda’s conflict of interest and quid pro quo broke, pressure had also started building with the divergence in its numbers following the asset quality review by the RBI and build up of bad loans.
The Indian Express on March 29 had first reported that Videocon group promoter Venugopal Dhoot provided crores of rupees to NuPower Renewables Pvt Ltd (NRPL), a firm he had set up with Chanda Kochhar’s husband Deepak Kochhar and two relatives.