Videocon Loan Case: Former SC Judge B N Srikrishna To Head ICICI Bank's Inquiry Panel

| June 15 , 2018 , 18:12 IST

ICICI Bank has appointed former Supreme Court judge B N Srikrishna to head the inquiry panel in the Videocon Loan Case. Judge Srikrishna accepted the bank’s request on Friday.

The ICICI Bank had decided to set up a comprehensive panel by the end of May to investigate the allegations on the former ICICI Bank CEO, Chanda Kochchar, in the improprieties in the grant of the loan from ICICI Bank to Videocon.

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The former judge was also the chairman of the Financial Sector Legislative Reforms Commission (FSLRC) and is currently heading a committee of experts deliberating on a data protection framework for the country.

He has also headed the commission that investigated the communal riots that took place in Mumbai in 1992-93. Upon his retirement from the Supreme Court Justice Srikrishna has been working as an independent arbitrator.

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According to media reports, on Wednesday, the Ministry of Corporate Affairs had initiated an inspection of NuPower Renewables and five other companies that were linked to the ICICI Bank loan case.

The ministry has ordered an investigation under Section 206(5) of the Companies Act, 2013 on 23rd April, 2018 with respect to six companies linked to the ICICI Bank controversy.