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India's ICICI Bank to conduct independent inquiry into complaint against CEO

ICICI Bank Ltd. will conduct an independent inquiry into a whistleblower's complaint against the bank's CEO and managing director, Chanda Kochhar, over her connection to an alleged improper loan to Videocon Group.

The inquiry will look into allegations that Kochhar had not adhered to the bank's code of conduct and legal and regulatory provisions relating to a "conflict of interest" over a period of time, according to a May 30 release.

The complaint alleges that Kochhar's involvement in a loan of 400 billion rupees granted to conglomerate Videocon Group in 2012 was improper given the connection between Videocon Chairman Venugopal Dhoot and Kochhar's husband, Deepak Kochhar. Media reports surfaced in April suggesting that Dhoot invested 640 million rupees in Nu Power Renewables, owned by Deepak Kochhar, after the conglomerate obtained the loan from a consortium of banks including ICICI Bank.

The independent inquiry comes after the Securities and Exchange Board of India said it would examine the bank's compliance with disclosure norms in connection with the loan scandal.

As of May 30, US$1 was equivalent to 67.48 Indian rupees.