These constitute lapses in governance at a bank that has been characterised as “systemically important” by the regulator. End of story, or so the ICICI Bank board would have liked. According to media reports, the notices relate to alleged violation of disclosure requirements on the part of both Ms. Kochhar and ICICI Bank. It is not merely the Chairman and independent directors of ICICI Bank who have been found wanting in the controversy. Such behaviour is strange, to say the least, and it completes the story of a breakdown in governance at the bank.

Source: The Hindu June 05, 2018 18:33 UTC