Allegations against CEO Chanda Kochhar can affect business: ICICI Bank

While the bank came under SEC's scanner earlier this month, SEBI issued a show-cause notice to Kochhar and the bank in May 2018

Private lender ICICI Bank said that the allegations against its Managing Director and chief executive officer Chanda Kochhar could adversely impact its ability to do business, in a filing to US markets regulator Securities and Exchange Commission (SEC). Kochhar is facing allegations of conflict of interest and quid-pro-quo in a loan given to the Videocon group.

“We are at increased risk for inquiries or investigations by regulatory and enforcement authorities, which may adversely affect our reputation, lead to increased regulatory scrutiny, cause us to incur additional costs or adversely affect our ability to conduct business,” said the bank’s filing.

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