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ICICI Bank’s board to meet today

Chanda Kochhar
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ICICI Bank says, its board will meet today to review insolvency cases before National Company Law Tribunal and other routine matters.

This is the first time board will meet after the controversy over alleged conflict of interest involving its CEO Chanda Kochhar and Videocon group broke out. ICICI Bank pointed out that the board meeting is pre-scheduled and routine in nature.

Last week, media reports mentioned the alleged involvement of Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis.

Concerns were also raised about transactions of Videocon group and NUPower Renewables, a company operated by her husband Deepak Kochhar.

The CBI has also questioned few ICICI Bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank’s issuance of Rs 3,250-crore loan to the Videocon Group in 2012.

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