Coming as a new development in the ICICI Bank and Videocon row, the bank on Wednesday said that it will be forming a committee to probe the allegations levelled against its Chief Executive Chanda Kochhar. According to reports, the designated probing team will be investigating the ICICI Bank-Videocon matter after an anonymous letter had surfaced in which Chanda Kochhar was accused of being involved in illegal financial transactions.

Reports say that the probe in the case will be headed by an independent team. As part of the investigation, the probing team will examine the allegations against Chanda Kochhar. Allegations against Kochhar are that she did not follow the provisions relating to bank’s code of conduct and also if her actions involve the conflict of interest.

The incident came to light after Chanda Kochhar was accused of favouring Videocon group while lending the money. The matter was raised after Videocon’s founders had an investment in a renewable energy company that was said to be founded by Deepak Kochhar.

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“The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensic/email reviews and records of statements of relevant personnel etc. The enquiry would also cover all connected matters in the course of the investigation to bring the matter to a final close,” an ICICI bank exchange copy said.

However, the ICICI Bank had earlier termed allegations against Chanda Kochhar as malicious and unfounded.

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