The Securities Appellate Tribunal (SAT) has restrained the Securities and Exchange Board of India (Sebi’s) Adjudicating Officer from proceeding till September 15 in a matter related to former ICICI Bank chief Chanda Kochhar. The matter pertains to a show-cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice B N Srikrishna.
The Srikrishna committee, which was tasked to probe the allegations of quid-pro-quo transactions in ICICI Bank, submitted its report to the lender in January 2019.
The committee, in its report, observed that Kochhar violated bank policies and other rules and regulations.
The board of the bank based on the report had decided to treat her resignation as ‘Termination for Cause’ under the bank’s internal policies.
Kochhar, who was Managing Director and CEO of ICICI Bank, had quit the bank in October 2018.
In its order dated July 9, SAT has restrained” the Adjudicating Officer from proceeding in the matter till the next date of listing”.