Law firm withdraws report giving clean chit to Kochhar

Law firm Cyril Amarchand Mangaldas withdrew its 2016 report that had given a clean chit to former ICICI Bank Ltd chief executive officer (CEO) Chanda Kochhar with regard to nepotism allegations against her, people in the know said.

ICICI Bank in a regulatory filing on Tuesday said the clean chit given to Kochhar in March this year was based on the inquiry report of the law firm, which is now saying that the same should no longer be treated as valid.

Following allegations of nepotism and conflict of interest against Kochhar, the then chairman MK Sharma in March expressed full confidence in her and ruled out any quid pro quo as alleged with regard to certain loans given to the Videocon group.

ICICI Bank in a filing said the bank had expressed confidence in Kochhar on the basis of the inquiry report of the law firm, which was engaged in 2016 to probe allegations of nepotism and conflict of interest against her. The inquiry was conducted by law firm Cyril Amarchand Mangaldas, according to the people.

“The law firm submitted its report in December 2016 stating that it found no evidence of nepotism and conflict of interest on the part of Kochhar and accordingly the matter was treated as closed,” ICICI Bank said.

When fresh allegations surfaced in March 2018 on the same matter, the board of the bank on the basis of inquiry report of the law firm issued a statement expressing confidence in then CEO and managing director Kochhar.

NEWDELHI: