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News:
- The inquiry against the CEO Chanda Kochhar of ICICI bank has pointed out the conduct of the bank board and raises concerns about corporate governance.
Important Facts:
- In 2016, a complaint has been raised by an investor alleging a quid pro quodeal between Ms. Kochhar’s immediate family members and the Videocon group.
- The Videocon group has received ₹3,250-crore loan from ICICI bank.
- Central Bureau of Investigation and SEBI has pitched an inquiry in the issue.
- The investigating authority pointed out that the bank had failed to make adequate disclosures about its dealings with the borrower (who is now a defaulter) and a firm.
- The board of ICICI Bank has finally acted on the allegations of misconduct against its CEO and managing director, Chanda Kochhar.
- Chanda Kochhar will stay away from the office till the completion of an inquiry into the charges levelled against her by a whistle-blower.
- Till the inquiry is complete the bank will be steered by a new chief operating officer Sandeep Bakhshi.
- The probe panel has been constituted under retired Supreme Court judge B.N. Srikrishna.
- Issues
- The delay and inefficiencies of public sector banks in dealing the cases
- The reluctancy of board in initiating inquiry
- There is still no clarity on his successor of the chairman of the bank’s board.
- Weather such debatable case need a high-profile panel inquiry.
- The reluctance of board in constituting an internal investigation.
- Concern about the possibility of prejudge in inquiry findings.
- The strength of corporate governance practices.
