ICICI Bank board meeting is underway to approve the appointment of retired Supreme Court Judge Justice BN Srikrishna to head the internal probe into allegations against the lender’s Managing Director and CEO, Chanda Kochhar.

Sources said the board could also decide on whether Kochhar should remain on leave during the investigation and stay away from the bank’s day-to-day affairs.

“The main agenda is the appointment of the head of the inquiry. But discussions on Kochhar’s leave and a possible rejig in the top management could also take place,” said a source close to the development.

The Bombay Stock Exchange has also asked the bank to clarify on reports of a possible reshuffle in its top management.

ICICI Bank board had on May 29 decided to institute an enquiry headed by an “independent and credible” person into the allegations against Kochhar by an anonymous whistleblower.

Kochhar, who is on her annual leave at present, has been in the midst of allegations of quid pro quo in loans sanctioned by the bank to the Videocon Group and the Essar Group in return of funds given to her husband Deepak Kochhar’s firm NuPower Renewables.

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