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A law firm Cyril Amarchand Mangaldas was engaged in 2016 to probe into the allegations of nepotism and conflict of interest against Chanda Kochhar submitted a report in December 2016 saying that it didn’t find any evidence of nepotism and conflict of interest against her and the matter was treated as closed according to the ICICI Bank sources. Subsequently to the whistle blower allegations and further information made available to the Bank, the Board of Directors ordered a fresh inquiry in May 2018.
Therefore the law firm announced that it’s earlier report would no longer be valid and it withdrew the clean chit given to Ms. Kochhar.
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