4 hrs ago
Tribunal Limits Kochhar’s Access to ICICI Bank Portal Data
A tribunal changed part of an earlier decision about documents in a case involving Chanda Kochhar and ICICI Bank.
The earlier decision would have let Kochhar look at information in the bank’s internal portal and electronic systems.
ICICI Bank said those systems could contain private information and confidential messages.
The tribunal agreed to remove that access direction.
It said the material was not held by the securities regulator or included in its case record.
The tribunal also noted that Kochhar had not identified specific portal documents she needed.
Other parts of the earlier decision still apply, including some document disclosures.
The Securities Appellate Tribunal partly allowed ICICI Bank’s review application concerning an earlier order in proceedings involving Chanda Kochhar.
It removed directions allowing Kochhar to inspect ICICI Bank’s internal Secretarial Portal and electronic data on its servers and devices.
The tribunal said the disputed material was not held by the Securities and Exchange Board of India and was not part of its regulatory record.
ICICI Bank argued that access could expose confidential third-party information, unpublished price-sensitive information and privileged communications.
Other directions in the May 2025 order remain unchanged, including disclosure of documents such as SEBI’s show-cause notice to ICICI Bank.
- Who
- ICICI Bank, former managing director and chief executive Chanda Kochhar, and the Securities Appellate Tribunal.
- What
- The tribunal partly allowed ICICI Bank’s review application and removed directions permitting Kochhar to inspect the bank’s internal portal and electronic data.
- Where
- In proceedings before the Securities Appellate Tribunal in India.
- When
- The tribunal modified its May 2, 2025 order; the report also refers to requests made in 2021, 2022 and February 2024.
- Why
- The tribunal found the disputed material was not part of the Securities and Exchange Board of India’s record, and accepted concerns about exposing confidential information.
ICICI Bank and Tribunal
Kochhar’s lawyers
Access to internal portal data
ICICI Bank and Tribunal
ICICI Bank opposed unrestricted access, citing risks to confidential third-party information, unpublished price-sensitive information and privileged communications. SAT said Kochhar had not identified specific portal documents and removed the inspection direction.
Kochhar’s lawyers
Kochhar’s lawyers argued that access should be allowed, noting that Control Risks India had previously examined the portal.
Bank’s review application
ICICI Bank and Tribunal
ICICI Bank argued it was affected by the earlier inspection order despite not being a party to the original proceedings.
Kochhar’s lawyers
Kochhar’s lawyers questioned whether the bank’s review application was maintainable.
Key facts
- Tribunal
- Securities Appellate Tribunal (SAT)
- Bank
- ICICI Bank
- Former executive
- Chanda Kochhar
- Order modified
- May 2, 2025
- Access removed
- Inspection of the Secretarial Portal and electronic data on bank servers and devices
- Regulatory record
- SAT said the disputed material was neither held by SEBI nor part of its record
- Other directions
- Remaining directions, including disclosure of SEBI’s show-cause notice to ICICI Bank, remain unchanged
Sources
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